“Key to the development of China’s CBDC is not leaving anyone behind,” and I am grateful to @Stephen Cole and Sophie Nicholson of “The Agenda” for helping me get the message out!
Stephen asked great questions about China’s CBDC but the most important of all was about financial inclusion:
“China’s key breakthrough in FinTech, says Turrin, is the realization that any advance must be completely inclusive:
“That means not leaving any one out, meaning that people who live in the more remote regions of China are now through digital banking and through digital technology included, and are able to participate in the financial system. You have to make sure you don’t leave people behind. And that takes a lot of thoughtfulness and a lot of time. The PBOC has been doing a commendable job at this.”
Meanwhile, banks are not asleep and are moving at a pace that Western banks would envy:
“But that progress hasn’t been without its difficulties –
Turrin explains that some of China’s banks were initially rather resistant: “Banks have now been shaken from their slumber. And they are now very active in digital because the digital platforms came along and fundamentally changed financial technology and how we use money in China. So they’ve had to adapt and they’ve had to change.”
Timestamp for video:
0:00: What will China’s CBDC bring to China?
1:12 China went “full speed ahead” what about London and NY?
3:07 Chinese banks and the fintech revolution are they resilient?
6:00 What will be the impact on the dollar?
My interview was part of a longer program on Fintech that is featured here:
The video contain wonderful commentary about fintech that is absolutely worthy of your time! Stephen Cole did a great job of covering fintech and gets industry greats to explain what’s going on and why it matters:
-Peter Oakes and Samuel Manning, CEO of Hope Macy who cover #openbanking,
-Janine Hirt, CEO of Innovate Finance on how to make financial more effective and democratic
I encourage you to click through on the link above to see the entire show.
Thank you again to Stephen Cole and CGTN Europe for the opportunity to discuss China’s CBDC!
