Researchers from a Chinese government think tank have floated the idea of a pan-Asian digital currency, the “Asian yuan,” with the aim of reducing dependence on the US dollar-driven economy

The views of researchers Liu Dongming, Song Shuang and Zhou Xuezhi of the China Academy of Social Sciences (CASS) unit were published in an issue of World Affairs in late September.

Similar to similar existing and tested central bank digital currencies (CBDC), the researchers said distributed ledger technology (DLT) would form support for an Asian token that would be pegged to a package of 13 currencies from all 10 Association of Southeast Asian Nations (ASEAN) member countries, as well as the Chinese yuan, Japanese yen and South Korean won.

“MORE THAN 20 YEARS OF DEEPENING ECONOMIC INTEGRATION IN EAST ASIA HAVE LAID A GOOD FOUNDATION FOR REGIONAL CURRENCY COOPERATION. GRADUALLY FORMED THE CONDITIONS FOR THE FORMATION OF THE ASIAN YUAN,” THE RESEARCHERS WROTE

The magazine is affiliated with China’s foreign ministry, and the researchers are from the “Institute of World Economy and Politics,” one of many research units of CASS, a think tank with various ties to the country’s ruling party.

The U.S. dollar, and more recently cryptocurrencies, have become a popular way of doing business in Southeast Asia, sending remittances and hedging against inflation of the respective local currencies.

https://altcoin.ng/china-to-launch-asian-yuan-to-reduce-dependence-on-the-us-dollar/

The right call

Not possible

The entire world need to stop depending on US dollar for exchange.

Nice one.