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China Leads the Way in CBDC Development; US Missed an Opportunity with Stimulus Check

▪ China is currently the leading country in terms of a Central Bank Digital Currency (CDBC) development despite being hit hard by the COVID-19 pandemic during Q1 2020.
 ▪ The Eastern superpower has pioneered its own digital yuan in April through the Agricultural Bank of China with a pilot phase in four cities.

A recent publication on the Belfer Center for Science and International affairs, Harvard Kennedy School now says the move is a direct challenge to the United States to match up FinTech advancement from a monetary perspective.

According to the article, the U.S is still lacking behind given the ongoing progress in CBDC development within peer economies.