China is years ahead of other major countries in the development of its digital yuan, giving Beijing the chance to expand its influence: Chainalysis

China is years ahead of other major countries in the development of its digital yuan, giving Beijing the chance to expand its influence: Chainalysis

China is several years ahead of other major economies in its efforts to develop a central bank digital currency and, in doing so, could increase its global influence, Chainalysis executive Ulisse Dell'Orto told CNBC in an Monday. Dell'Orto, who is managing director of Asia Pacific & Japan at data platform Chainalysis, spoke about how China's efforts to turn its legal tender to a "computer code" means it's on track to widely roll out a digital version of its currency any minute, while other countries like the United States or the United Kingdom are still in the very early stages of exploring official digital coins of their own. "The rapid deployment of the digital yuan will basically enable China to expand its global influence. They have been pioneering CBDCs, leaving some of the largest powers in the world several years behind," Dell'Orto told CNBC. China is the only developing nation that has released a national rollout of their own central bank digital currency (CBDC), Dell'Orto said. China was the first major nation to run a trial of its digital yuan, in which it handed out in the token to residents via mobile apps in June. In parts of Europe, like ,