A customer makes a payment using China’s digital yuan, or e-CNY, at the Wangfujing Department Store in Beijing. Central bank digital currencies allow central banks to retain control while providing a financial system that avoids scams. Photo: Getty Images
A customer makes a payment using China’s digital yuan, or e-CNY, at the Wangfujing Department Store in Beijing. Central bank digital currencies allow central banks to retain control while providing a financial system that avoids scams. Photo: Getty Images
Andrew Sheng
Opinion

Opinion

Andrew Sheng

ChatGPT may have stolen the spotlight, but central bank digital currencies are the innovation to watch

  • Central banks across the world are responding to the challenge posed by the rise of decentralised finance by creating their own digital currencies
  • Central bank digital currencies have the potential to revolutionise the global monetary system and give billions of unbanked or underbanked people access to finance

Andrew Sheng
Andrew Sheng

Updated: 1:30am, 1 Jul, 2023

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A customer makes a payment using China’s digital yuan, or e-CNY, at the Wangfujing Department Store in Beijing. Central bank digital currencies allow central banks to retain control while providing a financial system that avoids scams. Photo: Getty Images
A customer makes a payment using China’s digital yuan, or e-CNY, at the Wangfujing Department Store in Beijing. Central bank digital currencies allow central banks to retain control while providing a financial system that avoids scams. Photo: Getty Images
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