How Would Digital Yuan Change China's Economy?
Jennifer Zhu Scott, founder and partner of investment firm Radian Partners, talks about the potential of a digital currency developed by China's central bank and the virtual legal tender dubbed Digital Currency Electronic Payment (DCEP).
The People’s Bank of China is planning to test its digital currency on platforms operated by Meituan Dianping and Apple-backed Didi. Enlisting the food delivery giant backed by Tencent Holdings Ltd. is a major step toward the token’s mass adoption.
The digital yuan is said to be China's response to Facebook's Libra, as the project may challenge crumbling dollar hegemony.
Zhu Scott speaks with Rishaad Salamat and Juliette Saly on "Bloomberg Markets: Asia." The interview took place on July 27, 2020.