Russian-Chinese Research Center for the Digital Economy – interdisciplinary analytical hub based on Moscow State University and Xiangmen University (PRC) – presented an analytical report “Central bank digital currencies: China’s expertise in the field of development and launch of the digital yuan”.
The project is distinguished by the depth of study and implemented by an international team of experts from two countries – Russia and China. The purpose of the collaborative study is exploring the PRC’s experience in establishing CBDC and the impact of this process on national and global economy.
“We have joined forces on both sides – Russian and Chinese – to reach meaningful scientific results and truly valuable conclusions. This happened largely due to the active participation of the Chinese experts – representatives of science, technology, financial organizations and education,” – Mehri Aliyev, Executive Director of the Russian-Chinese Research Center for the Digital Economy (Russian branch), commented on the results of the study.
The report revealed the historical and current development process of the digital yuan – China’s entire path through the stages of new technology, from complete rejection of the sphere of digital money to the release of its own cryptocurrency; CBDC piloting stages and tools and the reasons why China became the leader of the global crypto market.
“China is the global engine of the crypto industry, but its national digital payment system cannot scale to other countries, this model is too complex and unique, says the study. – But the Chinese economy, being the largest in the world, is able to speed up processes of digital currency developments in other countries and launch the CBDC “race.”
“Russia lags behind China in the dynamics of the CBDC project development by 2-3 years, but the foundations of the digital ruble described by the Central Bank of the Russian Federation are largely similar to the basics of crypto-yuan, – continues Mehri Aliyev, – today the Russian Federation is one of the few countries with a developed concept of digital currency, which is largely validated, and the approaches developed by China in CBDC projects and mechanics of population and retailer involvement can be successfully applied in Russia.”