Wang Yongli, the former Vice President of the bank of China has recently pushed for central bank digital currencies positioning it as an alternative for cash in circulation. Yongli said that these cryptocurrencies can be a great substitute for cash but that isn’t all that they are good for.
He added to this saying that digital currencies are able to reshape in monetary structures of the traditional financial world. This can include things like setting a basic account for social entities on a central bank’s digital currency platform.
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