1 billion people will use the digital yuan by 2030, Goldman Sachs predicts
Investment bank Goldman Sachs predicts that in 10 years, the digital yuan will account for 15% of all electronic payments in the world.
According to economists in a recent report, the number of registered users of China’s national digital currency will reach one billion by 2030. By that time, 1.6 trillion yuan ($ 229 billion) will be stored in the system, and the annual payment turnover will be 19 trillion yuan ($ 2.7 trillion).
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The document also says that the digital yuan project will be able to successfully compete with existing cashless payment services, as it will offer similar opportunities with a higher level of anonymity and security.
In addition, economists predict that in the long term, an innovative payment system will strengthen the positions of banks, gradually expanding their client base and taking away the share of the retail finance market from fintech companies.
Do not forget that the Chinese government is interested in promoting the project. The country’s regulators recently halted the IPO of Ant Group, Alibaba’s fintech arm, and the country’s national bank introduced a bill that would criminalize all yuan-backed private stablecoins.
, China Daily