{"id":17035,"date":"2023-07-11T13:02:42","date_gmt":"2023-07-11T17:02:42","guid":{"rendered":"https:\/\/demo2.dedicatedhost247.com\/crypto\/asia-express-cointelegraph-magazine-22\/"},"modified":"2023-07-11T13:02:42","modified_gmt":"2023-07-11T17:02:42","slug":"asia-express-cointelegraph-magazine-22","status":"publish","type":"post","link":"https:\/\/demo2.dedicatedhost247.com\/crypto\/asia-express-cointelegraph-magazine-22\/","title":{"rendered":"Asia Express \u2013 Cointelegraph Magazine"},"content":{"rendered":"


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Chinese president shills CBDCs\u00a0<\/h2>\n

On July 4, Xinhua News Agency, China\u2019s state broadcaster, published a transcript<\/a> of President Xi Jinping\u2019s address to the 2023 Shanghai Cooperation Organisation (SCO) Summit. The SCO is one of the world\u2019s largest regional organizations for political, economic and security cooperation, and was established by China and Russia in 2001.<\/p>\n

During the speech, President Xi welcomed Iran as a full organisation member and praised the move for Belarus to join. He also talked up the importance of central bank digital currencies (CBDCs):<\/p>\n

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\u201cThe Chinese side proposes to expand the share of local currency settlements of SCO countries, expand sovereign digital currency cooperation, and promote the establishment of SCO development banks.\u201d<\/p>\n<\/blockquote>\n

In January, the People\u2019s Bank of China reported<\/a> that there were 13.61 billion digital yuan CBDCs in circulation, representing around 0.13% of the monetary supply. Since then, the CBDC\u2019s use has expanded to the country\u2019s Belt and Road Initiative<\/a>, various consumer airdrops<\/a>, and as a means of payment for everyday transportation<\/a>. However, experts have warned that, despite the constant promotion, the currency has struggled to gain traction<\/a>.<\/p>\n

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