SBI Boss Says that China Is Leading the CBDC Race – Ahead of the USA and Europe
The CEO of the Japanese financial heavyweight and crypto player SBI Holdings Yoshitaka Kitao has spoken out about central bank digital currencies (CBDCs) – and says China is currently leading the world in digital fiat technology. Kitao was quoted by the domestic media outlet Dime as stating: “China is the most advanced nation in the field of CBDC [technology], with the United States and Europe following suit.” He noted that in the world of trade finance, fiat was currently dominant, but asserted that this was only the case “so far.” He mused that this could quickly change if a CBDC became a “national currency.” Kitao, who is also a member of the Ripple board, claimed that market players must venture into “new financial markets” and develop new “financial products” accordingly. He noted that it was difficult for domestic banks to “work on cutting-edge fields” like CBDCs “at this point,” adding that SBIs own research unit was “working intensively and conducting research” into digital fiat-related innovation. The central Bank of Japan (BOJ) is currently testing its own digital yen prototype, but like most advanced economies (with the exception of China and its digital yuan project) it has yet to commit to a CBDC launch. Kitao also stated that