Digital currency

Four thousand US dollars are counted out by a banker counting currency at a bank in Westminster, Colorado, 3 November 2009. (Reuters/Rick Wilking)

Could de-dollarisation develop into an irreversible historical trend?

Zhang Yugui, dean of the School of Economics and Finance at the Shanghai International Studies University, notes that while the renminbi has gained traction as a global currency for trade settlements, investment and as a reserve currency, the US dollar will still maintain its hegemony until 2030. However, the US is most worried that de-dollarisation could develop into an irreversible historical trend.
US dollar banknotes are seen in this illustration taken 10 March 2023. (Dado Ruvic/Illustration/Reuters)

De-risking too: The world's efforts to de-dollarise

Despite all the talk of de-dollarisation and some movement towards it, the US dollar remains the dominant global currency for now, and it will be an uphill task to shift away from it. Lianhe Zaobao correspondent Lai Oi Lai speaks to academics and financial experts to find out more about the world's pursuit of de-dollarisation as a way of risk management.
Bustling Vietnam, with much potential to be a leading crypto hub in the future. (Nhac Nguyen/AFP)

Vietnam's vibrant crypto scene needs a regulatory framework

Vietnamese academic Huy Pham analyses Vietnam’s growth as a crypto hub. While it is high on the rankings in terms of crypto adoption rate, much still needs to be done to create a stable regulatory framework if it is to take advantage of the vast potential it has in growing its cryptocurrency industry.
Advertisements for crypto exchange show a Bitcoin symbol at Mass Transit Railway (MTR) station, in Hong Kong, China, 27 October 2021. (Tyrone Siu/Reuters)

Hong Kong and Singapore vying for crypto hub: Price to pay and lessons to learn

While Singapore and Hong Kong are hyped to be vying for cryptocurrency hub status, academic Ben Charoenwong notes that both cities have faced challenges navigating the tricky world of becoming a large cryptocurrency market while setting a regulatory framework. Due to China's unfavourable attitude towards cryptocurrency, activity may flow over to Hong Kong as it acts as the conduit for Chinese participants, but might this be a potential winner’s curse?
A representation of cryptocurrency Bitcoin is seen in front of a stock graph and US dollar in this illustration taken 24 January 2022. (Dado Ruvic/Reuters)

Why Bitcoin can never be a mainstream currency

Technology expert Yin Ruizhi notes that while Bitcoin is a bold experiment in cryptocurrencies, in its current form it is still too unstable and resource-intensive to take the place of legal currencies as a mainstream global currency.
A woman holds US dollar banknotes in this illustration taken 30 May 2022. (Dado Ruvic/Illustration/Reuters)

Quit the dollar: Can Asia build its own digital currency and digital payment infrastructure?

Calls for de-dollarisation have increased since the financial sanctions of the Ukraine war and the very real threat of the US dollar being weaponised. In this context, academic Pei Sai Fan explains why conditions are ripe for China and Asia to offer innovative alternatives, such as developing regional digital currency cooperation in the payment and settlement of regional trade and investment, and expediting the development of new cross-border digital payment infrastructure in Asia known as multi-CBDC platform projects.
Young women look at panorama of Moskva River and Kremlin at a viewpoint in central Moscow, Russia, 22 March 2022. (Maxim Shemetov/Reuters)

Will de-dollarisation help China and Russia shape a new world order?

Russia and China have a common interest in being less reliant on the dollar in the face of sanctions or anticipated sanctions. But are they moving at the same pace and will their efforts be significant enough to achieve self-reliance and precipitate a sea change in the global economic order?
An attendee wearing a virtual reality (VR) headset takes part in a concert experience in the metaverse at the SK Telecom Co. stand on the opening day of the MWC Barcelona at the Fira de Barcelona venue in Barcelona, Spain, on 28 February 2022. (Angel Garcia/Bloomberg)

Metaverse: What is it and who's in control?

The phrase “metaverse” has been bandied about but what exactly is it and how far along is the project? Academic James Pang and entrepreneur Liang Xinjun explain that the implications of this development are larger than most think. The metaverse is not so much a sub-world to enter into on the side but the integration of the real and virtual worlds and economic systems, essentially creating a new world with new governance structures and norms. US and Chinese firms are, of course, racing to get a big slice of the future.
People ride bicycles along the promenade at Marina Bay in Singapore on 21 December 2021. (Roslan Rahman/AFP)

Singapore, Hong Kong vie for wallets of rich Chinese in tech sector

The battle is heating up as Hong Kong and Singapore both vie for the wallets of rich Chinese in the tech sector. With the idea of family offices gaining popularity in recent years, will Hong Kong or Singapore have the edge over the other?