Australian media article: The future of digital currency will be decided in Asia

Reference News Network reported on April 9 that the Australian East Asia Forum website published an article titled "The Future of Digital Currency Will Be Determined in Asia" on April 5. The article stated that digital currency and payment are booming in Asia, and digital backward areas will feel pressure. The full text is excerpted as follows:

What is the future of digital currency? The answer will be found in Asia.

While things look bad for bitcoin, especially in India, where it will be banned, the overall picture for digital currencies is positive, with huge benefits for economies that take the lead.

For true believers, Bitcoin is the currency of the future with endless possibilities: it will create barriers to corrupt governments, drive financial inclusion among the unbanked, help reduce global poverty, and A global currency and reserve asset to replace the dollar.

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Are they correct so far? not necessarily. Over the past five years, the price of Bitcoin has risen 144 times faster than its use in transactions. Extreme volatility and limited circulation mean it can't meet even the most basic criteria of a currency - to serve as a recognized medium of exchange.

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The long-term outlook for bitcoin in Asia is also not good. Bitcoin's fixed supply -- capped at just 21 million -- makes it a formidable candidate for money.

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Despite the flaws of unregulated cryptocurrencies such as bitcoin, the future of digital currencies is positive and is being shaped by Asian governments looking to take the lead in digital payment systems, including using encryption technology.

Digital currencies and payments are booming in Asia. China joins Cambodia in leading the world in issuing central bank digital currencies, while Singapore is wary of using different methods to establish itself as a major player. In each case, Asian economies are at the forefront of innovation while ensuring government sovereignty over currencies.

Since launching its digital currency project in 2014, the People's Bank of China has acted swiftly to launch the world's first major sovereign digital currency, the digital yuan.

The National Bank of Cambodia issued the "Bakong" digital currency in October 2020. This person-to-person funds transfer service for retail customers supports transactions in Cambodian Riel or U.S. dollars. Bakong, which bills itself as the “first blockchain-based central bank retail payment system,” reportedly attracts nearly a third of Cambodians.

Thailand has also been leading the way in central bank digital currencies, with an emphasis on direct bank transfers between individuals and at points of sale using QR codes, mobile phones and account numbers.

Digital currencies promise enormous benefits, from dramatically increasing financial inclusion and productivity gains to lowering the cost of capital to boost investment, consumption and growth. Not all of Asia is in motion. The Philippines — an Asian country that has embraced mobile payments since 2001 — has yet to capitalize on its early lead, and larger ASEAN countries such as Indonesia are not at the forefront.

In addition to the many benefits of digital currency, it will also bring considerable first-mover advantages, and investors are beginning to favor Asia's cutting-edge digital economies. In this scenario, digital laggards in Asia will start to feel the pinch.

Now it's time to catch up or be left behind in the dark ages of money.

QR codes that allow mobile payment are displayed at a stall in a vegetable market in Beijing. (Associated Press)

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