CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
  • Market Updates
  • BTC Analysis
  • ETH Analysis
  • XRP Analysis
  • Interviews
CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
Home » Crypto News » China’s Digital Yuan Could Challenge the USD’s Dominance, CNBC Expert Says

China’s Digital Yuan Could Challenge the USD’s Dominance, CNBC Expert Says

Author: Dimitar Dzhondzhorov

Last Updated Mar 16, 2022 @ 15:33

Richard Turrin thinks that the Chinese e-yuan could diminish the American dollar’s supremacy in the years to come.

Getting your audio player ready...

Richard Turrin – Financial Technology Consultant at CNBC – argued that the Chinese central bank digital currency could challenge the dominance of the American dollar this decade. Specifically, he believes the e-yuan might replace its rival as the currency of choice in international trade settlements.

Digital Yuan to Reduce the Dollar’s Usage?

The Chinese government is known for having one of the most hostile stances on private cryptocurrencies. Last year, the authorities imposed a total ban on all digital asset endeavors, while monetary organizations and payment companies were also prohibited from facilitating crypto transactions.

On the other hand, the country has an entirely different viewpoint on central bank digital currencies. Over the past several months, the most populated nation introduced numerous initiatives to popularize its e-yuan and implement it among the broader society.

According to Richard Turrin – a financial expert at CNBC – China is “ahead in all financial technology by a decade.” In his view, the US needs at least five years to launch trials for a potential digital dollar.

Keeping in mind the rapid development of the e-yuan, Turrin said it could challenge the dollar’s supremacy and even replace it as a currency of choice when facilitating international trades:

“Remember, China is the largest trading country, and you’re going to see digital yuan slowly supplant the dollar when buying things from China. If we go about five to 10 years put, yes the digital yuan can play a significant role in reducing the dollar’s usage in international trade.”

In addition, Turin believes many countries will become less dependent on the American national currency in the years to come:

“What you’re going to see in the future is a rollback, a risk management exercise that seeks to slowly and maybe just slightly reduce the dependence on the dollar, from 100% down to 80%, 85%.”

Richard Turrin
Richard Turrin, Source: Twitter

Russia Won’t Use Digital Yuan to Bypass Sanctions

CNBC’s expert also touched upon the military conflict in Ukraine and the crippling sanctions imposed on Russia.

While many countries declared economic war on Putin’s regime and implemented penalties on Russian banks and oligarchs, China has refused to do so.

According to Turrin, though, the Asian economic superpower will stay neutral in this dispute and will not provide further financial aid to Russia. Beijing will also not offer its digital yuan to Russian citizens as an escape hatch against the sanctions, concluded the financial consultant:

“China wants eventually to have the digital yuan broadly accepted, and making it a sanction-buster now when it’s still a baby would not help in that goal.”

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Tags: CBDC China United States
Enjoy reading? Share with your friends
Facebook Twitter LinkedIn Telegram

About The Author

Dimitar Dzhondzhorov
More posts by this author

Dimitar got interested in cryptocurrencies back in 2018 amid the prolonged bear market. His biggest passion in the field is Bitcoin and he was fascinated with its journey. With a flair for producing high-quality content, he started covering the cryptocurrency space in late 2018. His hobby is football.

Join Our Community

FacebookX YouTubeTelegram


Editorials
How to Trade on Hyperliquid: The Ultimate Guide (Step-by-Step Walkthrough)

How to Trade on Hyperliquid: The Ultimate Guide (Step-by-Step Walkthrough)

11 Best Meme Coins to Watch in June 2025

11 Best Meme Coins to Watch in June 2025

7 Best Meme Coin Presales to Watch in June 2025

7 Best Meme Coin Presales to Watch in June 2025

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

11 Best Crypto Presales to Consider in June 2025

11 Best Crypto Presales to Consider in June 2025

Need for Speed – Only Ultra-Fast Blockchains Will Win the Adoption Race (Opinion)

Need for Speed – Only Ultra-Fast Blockchains Will Win the Adoption Race (Opinion)

Join Our Newsletter
Become a CryptoPotato VIP
One Weekly Email Can Change Your Crypto Life.
Sign-up FREE to receive our extended weekly market update and coin analysis report
We NEVER send spam. You can unsubscribe at any time.
Invalid email address
Thanks for subscribing!
Footer Logo
About
Advertise on CryptoPotato
About Us | Contact Us | Careers
Editorial Policy
Terms of service | Privacy Policy | GDPR
More Sections
IEO List | Evaluations
Airdrops
Scholarship
Disclaimer
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
© Copyright CryptoPotato 2016 - 2025
Scroll to top
One Daily Email Can Change Your Crypto Life.

Sign-up FREE to receive our extended daily market update and coin analysis report

We never send SPAM. You can unsubscribe at any moment
Invalid email address
Thanks for subscribing!