China has announced a comprehensive action plan to accelerate the launch and adoption of its digital currency, aiming to strengthen its position in the global financial landscape. The plan, unveiled in Beijing this week, outlines strategic measures to integrate digital yuan into daily economic activities and enhance regulatory frameworks by 2024.
China Unveils Digital Yuan Plan to Boost Global and Pakistan Economy by 2024
BEIJING: China has unveiled an ambitious plan to expand the use of its digital yuan to boost the global economy, including Pakistan’s financial system, by 2024. The move aims to strengthen cross-border payments and reduce reliance on traditional banking channels.
Moreover, Chinese officials say the digital yuan will support faster, safer, and cheaper transactions.
What Is the Digital Yuan?
The digital yuan, also known as e-CNY, is China’s official digital currency issued by the central bank. Unlike cryptocurrencies, it is state-backed and fully regulated.
In addition, the digital yuan allows instant payments without the need for third-party platforms. As a result, transactions become more efficient and transparent.
Impact on Pakistan’s Economy
China plans to expand digital yuan cooperation under the China–Pakistan Economic Corridor (CPEC) framework. This could help Pakistan improve trade settlements, remittances, and financial inclusion.
Furthermore, experts believe digital yuan usage could lower transaction costs for businesses trading with China. Therefore, Pakistan may benefit from smoother cross-border payments.
Global Economic Implications
China also aims to promote the digital yuan for international trade and investment. Many countries have shown interest in testing the system for cross-border use.
Meanwhile, analysts say the move could reshape the global payments landscape by offering an alternative to existing systems.
Conclusion
China’s digital yuan plan marks a major step toward modernizing global payments. With Pakistan included in future cooperation, the initiative could support economic growth, digital finance, and regional trade by 2024.
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