While the rest of the world is focused on recovering from the coronavirus pandemic, China has made another powerful move in the realm of global finance that could have major long-term geopolitical implications. The country is preparing to launch a pilot run of a central bank digital currency (CBDC), making the People’s Bank of China the first major central bank to translate its extensive digital currency efforts into a ready-to-use product. China began internal tests of its CBDC in early May, though the official launch is not expected until later this year.
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