• Menu
  • Skip to right header navigation
  • Skip to main content
  • Skip to secondary navigation
  • Skip to primary sidebar
  • Skip to footer

Rich Turrin

Industry Leader in fintech and digital transformation

  • Author
    • Cashless – Chinas Digital Currency Revolution new
    • Innovation Lab Excellence
    • Insurtech
  • Writings
  • Speaker
    • Innovation Labs from the Ground Up
    • Cashless China and the CBDC
    • Future-proofing Finance with Artificial Intelligence
    • China’s Financial Technology for Investors
  • In the News
  • Consultant
    • Innovation Lab
    • Workshops
    • Corporate Boards
    • China’s Central Bank Digital Currency (CBDC)
    • China Fintech
  • Newsletter
  • About
  • Reviews
  • Contact
  • Author
    • Cashless – Chinas Digital Currency Revolution new
    • Innovation Lab Excellence
    • Insurtech
  • Writings
  • Speaker
    • Innovation Labs from the Ground Up
    • Cashless China and the CBDC
    • Future-proofing Finance with Artificial Intelligence
    • China’s Financial Technology for Investors
  • In the News
  • Consultant
    • Innovation Lab
    • Workshops
    • Corporate Boards
    • China’s Central Bank Digital Currency (CBDC)
    • China Fintech
  • Newsletter
  • About
  • Reviews
  • Contact

Mobile Menu

China +86 18516631192
US+1 (917) 838-4006
  • LinkedIn
  • Twitter

“E-CNY will challenge the US dollar’s domination of international trade in the next decade.”

Great to be picked up in this article in the Epoch Times!

One key point to make is that none of these changes are going to happen quickly.  Noone, especially China with its huge US dollar reserves, desires sudden movements in the composition of currencies used in global trade.  Instead, look for a very slow process, so slow that many will deny it’s existence.   Another key point to make is that this is not about “replacing” the dollar.

 

The e-CNY is welcome here.

Article Link

 

Many articles talk about the impossibility of “replacing” the dollar.  I agree, because the dollar is used not just in trade but a cornerstone of global investing.  Instead of replacement, think of an end of the dollar’s monopoly.  Most trade today is automatically assumed to be in dollars, but we are fast approaching a world where there will be a “second choice.”  What happens if that alternative is cheaper and faster?

Some key quotes:

According to Turrin, the digital yuan “will directly challenge the U.S. dollar’s domination of international trade settlements in the next decade.”

By 2032, at the very latest, the digital yuan will likely have played a “significant role in reducing the dollar’s usage in international trade,” said Turrin, a former banker who once spearheaded IBM’s fintech team.

Turrin encouraged viewers to remember that China, the most populous country globally, also happens to be “the largest trading country” in the world. He said we will slowly but surely witness the digital yuan “supplant the dollar.”

 

EPOCH TIMES ARTICLE HERE

 

 

Related Posts

  • Digital Yuan e-CNY App Review!

    China’s new digital yuan or e-CNY App by the #PBOC earns 5 stars out of…

  • China’s e-CNY pilot to boost Hong Kong as offshore yuan trading center

    Thank you to Timmy Shen from Forkast.news! China’s e-CNY pilot to boost Hong Kong as…

By Rich Turrin

About Rich Turrin

Rich Turrin is the international best-selling author of “Cashless - China’s Digital Currency Revolution” and “Innovation Lab Excellence.” He is an Onalytica Top 100 Fintech Influencer and an award-winning executive previously heading fintech teams at IBM following a twenty-year career in investment banking. Rich is a leading media commentator and advisor on China's digital currency and tech scene. Living in Shanghai for more than a decade, Rich experienced China going cashless first-hand.

Previous Post: « Podcast: “There is a crisis of imagination surrounding CBDCs! We will live in a world where machines pay.”
Next Post: Polish Edition of Cashless launches, and two interviews in Polish »

Reader Interactions

Primary Sidebar

Search By Category

  • 5G
  • AI
  • Articles
  • Banking
  • Blockchain
  • Books
  • CBDC
  • Chatbots
  • China
  • Covid19
  • Cryptocurrency
  • Currency
  • Digital Transformation
  • Fintech
  • Innovations
  • Podcasts
  • Video News

Recent Posts

  • CNBC SQUAWK BOX: China’s digital yuan could challenge the dollar in international trade this decade
  • The Past, Present and Future of China’s Fintech, Podcast
  • “The West is 10 years behind,” China’s CBDC Dominance on the “Breaking Banks” Podcast

Footer

New Book

CASHLESS
China’s Digital Currency Revolution
Is out Now!

Contact Us

Rich Turrin Shanghai, PRC
China mobile +86 18516631192
US number+1 (917) 838-4006
Email Us
WeChat ID: richardturrin
Skype ID: richard_turrin

Follow Us

  • LinkedIn
  • Twitter

Sign Up

To Receive News Updates

onalytica influencer
  • Author
  • Writings
  • Speaker
  • In the News
  • Consulting
  • About
  • Reviews
  • Newsletter
  • Contact
© 2018 Rich Turrin All rights reserved Industry Leader Fintech & digital transformation