As part of a push to internationalize the yuan, China has been testing its digital currency on trading platforms around the world where it can be freely traded with other fiat currencies. Beijing is also setting up a legal framework for central bank digital currencies, or CBDCs, with global financial regulators. “You have central bank digital currencies developed on various platforms such as enterprise blockchain Corda or Hyperledger, and the digital yuan is technically not even on a blockchain,” Michael Sung, co-director of the Fintech Research Center at Fudan University, said as quoted by CoinDesk. “That is a very balkanized ecosyst
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