Introduction
The digital yuan, China’s central bank digital currency (CBDC), is gaining more traction across the country. While the government is pushing for its adoption, other countries in the region are also exploring their own digital currencies and blockchain-based applications. In this article, we explore the latest developments in China’s CBDC and the rise of Malaysia’s crypto industry.
China’s CBDC Adoption
China’s CBDC project, also known as the digital currency electronic payment (DCEP), is now being tested in several cities across the country. According to recent reports, the People’s Bank of China (PBOC) has already completed its first cross-border digital yuan payment with Thailand. The transaction was conducted using a blockchain-based platform developed by the central banks of both countries.
Malaysia’s Crypto Industry
Malaysia is becoming a new player in the crypto industry, with its government recently announcing plans to regulate the sector. The country’s Securities Commission has been working on a framework for digital assets and initial coin offerings (ICOs) since 2019. The commission has also issued licenses to several crypto exchanges, making Malaysia a new hub for crypto trading in the region.
The Rise of Crypto Rivalry in Asia
With the rise of China’s CBDC and Malaysia’s crypto industry, Hong Kong is facing increasing competition in the region. The city has long been a hub for international finance and trading, but its regulatory framework for crypto has been slow to develop. As other countries in the region embrace digital currencies and blockchain technology, Hong Kong risks falling behind in this new era of finance.
Related:Advocates Call on Hong Kong Government to Consider Stablecoins
Conclusion
China’s CBDC project continues to expand, with more cross-border transactions being conducted using the digital yuan. Malaysia is also positioning itself as a new rival to Hong Kong in the crypto industry. As the adoption of digital currencies and blockchain technology accelerates across Asia, it will be interesting to see how other countries in the region respond and adapt to this new era of finance.
