THE E-RENMINBI AND THE MONETARY-FINANCIAL INTERNATIONAL SYSTEM IMPACTS OF THE CHINESE DIGITAL CURRENCY
Keywords:
E-Renminbi, Currency, China, StateAbstract
This article deals with the "e-Renminbi" (Chinese digital currency), its unit of account (yuan) and the discussions about the role of digital currency in the International Monetary-Financial System. The current debate on digital currencies focuses on private currencies - such as Bitcoin - in an attempt to decouple the state from the authority to issue currency. From a Chartalist, Keynesian and Minskyan perspective, we see currency as a creature of the state that depends on legal acceptance of the unit of account in which debts are generated, managed and settled. In this sense, the e-Renminbi, being a Central Bank Digital Currency (CBDC), is characterized only as another format of the formal Chinese currency (RMB), which therefore depends on the power of the issuing country (central authority) and which does not transform the content of the existing currency. However, as a digital token, the issuance of Chinese digital currency as a means of payment is absolutely innovative in terms of the process of clearing transactions, which reflects China's growing importance in the global economy.
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