3 ms·
> They don't really explain what the digital yuan is here. tldr; > Direct access to central banks will allow tech-enabled non-banks to offer payment services
by saint_abroad 5y ago
> They don't really explain what the digital yuan is here.
tldr;
> Direct access to central banks will allow tech-enabled non-banks to offer payment services
> In the most disruptive case, banks lose deposit base, [and] credit creation [is] funded [directly] by central bank
> fintech transformation of the global payments system will bypass the banking system [predominantly in dollars]
Digital currencies, as backed by central banks, are just fiat currencies on a digital ledger.