Digital yuan could supersede dollar, and cryptocurrency consortium created at Davos forum

Deutsche Bank: Chinese cryptocurrency could erode the dollar’s primacy

Digital currencies, which are being developed by China and India, can change the centers of “global economic strength,” according to a report by Deutsche Bank.

The authors point out that China is already developing a cryptocurrency supported by the country’s Central Bank, which can be used as a power tool.

”Companies in the country are, in fact, forced to adopt a digital yuan which will certainly erode the dollar’s primacy in the global financial market”, — Deutsche Bank experts write.

They also add that at the current rate of internet development, the number of crypto wallet owners will quadruple to 200 million by 2030.

Davos forum participants create a consortium to regulate cryptocurrencies

During the World Economic Forum in Davos, the world’s first consortium was established, whose participants will develop regulation of the crypto industry. It is to include financial institutions, members of governments, large corporations, international organizations and the crypto community.

The founders of the consortium were Klaus Schwab, chairman of the Davos Forum, Mark Carney, head of the Bank of England, Tarman Shanmugaratnam, Minister for Economic Policy Coordinator of Singapore and representatives of the central banks of Egypt and Bahrain.