News View Non-AMP

China Crypto News: How the Digital Yuan Will Challenge the US Dollar

Published by
Vignesh S G

The East is increasingly unhappy with the US dollar’s dominant role in the global financial system. At the recent BRICS summit, Russia called for a new financial framework that would operate independently of the dollar. Initially, many doubted that other BRICS nations would support this idea. However, cryptocurrency expert Chirag Jetani recently revealed that China has been quietly pursuing a strategy to counter the US dollar’s power for several years.

Interested in learning more about China’s plan? Read on!

China’s Crypto Plans

In 2017, China banned cryptocurrency exchanges and Initial Coin Offerings (ICOs). By 2021, it intensified its crackdown by prohibiting crypto trading and mining. Jetani claims that Chinese investors made almost $1.15 billion in profits in 2023. He believes that these bans are not aimed at destroying the crypto sector but rather at controlling it.

In 2019, the Chinese president publicly supported blockchain development, leading to the establishment of over 500 blockchain projects that operate under government supervision today. Jetani highlighted that Alibaba, the Chinese multinational tech company known for its e-commerce and retail ventures, is a global leader in blockchain patents.

Why Does the Digital Yuan Matter?

Jetani identifies the Digital Yuan, a state-controlled digital currency, as a key tool that China is preparing to use in its challenge against the US dollar. He argues that this digital currency is designed to lessen reliance on US-controlled financial systems.

China’s Growing Influence in CBDCs

Emphasizing that China’s blockchain supports 35% of the world’s CBDCs, Jetani noted that China could use its blockchain influence to shape the international digital currency market. 

According to Jetani, transactions with China’s digital yuan have reached an impressive $13.8 billion, with nearly 261 million users engaged with the Chinese CBDC. He suggests that China’s efforts to promote CBDCs could encourage other nations to rethink their positions within the global digital currency ecosystem.

A Surge in Digital Yuan Transactions

According to Jetani, transactions with China’s digital yuan have reached an impressive $13.8 billion, with nearly 261 million users engaged with the Chinese CBDC. He suggests that China’s efforts to promote CBDCs could encourage other nations to rethink their positions within the global digital currency ecosystem.

Jetani noted that the US Federal Reserve’s launch of FedNow—a service enabling instant money transfers for individuals and businesses—illustrates the impact of China’s push for CBDCs.

In summary, China’s efforts around blockchain and the Digital Yuan reveal its aggressive strategy for financial dominance that goes beyond simply challenging the US dollar.

China’s move is bold and strategic. Do you think it will succeed in challenging the US dollar’s dominance?

Vignesh S G

Vignesh is a young journalist with a decade of experience. A proud alumnus of IIJNM, Bengaluru, he spent six years as a Sub-Editor for a leading business magazine, published from Kerala. His interest in futuristic technologies took him to a US-based software company specialising in Web3, Blockchain and AI. This stint inspired him to view the future of journalism through the lens of next generation technologies. Now, he covers the crypto scene for Coinpedia, uncovering a vibrant new world where technology and journalism converge.

Recent Posts

Upbit Suspends SNX Deposits Amid Volatility and Investment Warning

Upbit has announced that it will suspend Synthetix (SNX) deposits starting from April 24 at…

April 24, 2025

Coinstore at TOKEN2049, Connect and Innovation for a Crypto Future

Coinstore, a leading global cryptocurrency exchange, has announced its participation in TOKEN2049 Dubai, one of…

April 24, 2025

Crypto Expert Predicts $1,000 XRP: Can Ripple Repeat Bitcoin’s Rise?

XRP is currently retesting important levels after a brief rally. While far-fetched XRP price predictions…

April 24, 2025

Crypto Market Live Today: Here is the Next Crypto to Hit $100 This Month

The markets began the weekly trade on a huge bullish note, with the price of…

April 24, 2025

TRUMP Meme Coin Price Prediction 2025, 2026 – 2030: Will $TRUMP Price Hit $50?

Story Highlights The live price of the TRUMP crypto is . TRUMP price could reach…

April 24, 2025

Pi Coin Trading Suspended by BitMart, Delisted by Banxa: What’s Next for Pi Network Price?

Pi Coin is currently facing growing bearish sentiment, as it struggles to regain momentum after…

April 24, 2025