ZB Academy:In the next 10 years, digital yuan may account for 15% of total consumer payments

ZB Academy
4 min readNov 23, 2020


Over the weekend, Bitcoin went all the way up after breaking through $18,000. According to ZB.com’s official market data, the price of Bitcoin once approached $19,000 when it was at its highest. Although it has now fallen, it still remains at about $18,100. As of press time, the price of Bitcoin is currently reported at US$18,183, a 24-hour drop of 2.11%, and the highest 24-hour price is US$18,700.

On the 17th of this month, Goldman Sachs, a well-known multinational investment bank and financial services company in the United States, published a research report on digital yuan. The report stated that in the next 10 years, China’s planned national virtual currency “digital yuan” will account for 15% of total consumer payments, which will help commercial banks gain more market share from financial technology companies. The 81-page report stated that digital currency electronic payment (DC/EP) may be a more attractive alternative to existing digital payment services provided by financial technology companies in a cashless environment. The company pointed out that the separation of bank accounts and digital wallets has made anonymization, offline payment, and interconnection of multiple payment methods the reasons for the success of digital yuan. The report also pointed out that within ten years, DC/EP is expected to reach 1 billion addressable users, 1.6 trillion yuan (Approximately US$229 billion) in circulation, 19 trillion yuan (Approximately US$2.7 trillion) in total annual payment value (TPV), and 15% of total consumer spending.

As for the South African government, there are also new trends for cryptocurrency assets. On the 22nd of this month, the South African Financial Regulatory Authority issued a statement stating that according to the draft Financial Advisory and Intermediary Services (FAIS) bill, cryptocurrency assets will be treated as financial products in South Africa. As early as January 2019, the Central Bank of South Africa has published a document stating that regulatory actions on crypto assets need to be prioritized to protect consumers. The South African regulator said that this statement may improve the exposure of clients who intend to invest in crypto assets. The draft does not affect “the state of encrypted assets under the requirements of other laws (For example, foreign exchange control regulations, retirement fund law, collective investment plan law, etc.), nor will it attempt to supervise, legalize or provide credit guarantees for them,” the statement said. The draft will serve as a temporary plan for the further development of the South African Crypto Assets Supervision Working Group, which will also affect South Africa’s future encryption policy.

In addition to the international aspect, some well-known commercial companies also have some new developments for cryptocurrencies. The chief decision-maker of the BlackRock Investment Fund, the world’s largest asset management company, also believes that Bitcoin can replace gold to a large extent, because the power of cryptocurrency is far more powerful than the delivery of a gold bar. On the 20th of this month, Rick Rieder, chief investment officer of BlackRock’s fixed income division, answered a question on CNBC’s Squawk Box program and mentioned that he believes that cryptocurrencies will continue to exist because of their “persistence.” With the development of digital currencies by the central bank, millennials have greatly improved their acceptance of cryptocurrencies and the industry, and digital payment systems are being valued by more and more people. Therefore, Bitcoin can bring much more than passing a gold bar.

MicroStrategy, the world’s largest independent business intelligence company that has previously acquired a large number of bitcoins, is recruiting blockchain experts around the world to help MicroStrategy build a set of bitcoin data services. In the company’s November 16 conference call, CEO Michael Saylor stated that the company is very eager to apply its business intelligence experience in the Bitcoin data field. He said, “In this unique Bitcoin intelligence generated around the blockchain, there are many opportunities, and we will try to explore everything. But so far, we don’t have anything that we think can be commercialized. “ In addition, Tim Lang, the company’s chief technology officer, disclosed in the conference call that the company is actively looking for and recruiting some talents with expertise in blockchain and hopes that they will join the company.

About ZB Group

ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.

ZB Group also includes ZBG the innovative crypto trading platform, and BW.com, the world’s first mining-pool based exchange. Other holdings include wallet leader BitBank, as well as exchange brands ZBM, ZBX and Korea’s Bithi.

Industry intelligence and standards are headed by the recently launched ZB Nexus who embody the core values of ZB Group and open-source their reports and analysis for the public.

Learn more about ZB Group by visiting www.zb.com.



ZB Academy

The world’s leading cryptocurrency exchange: www.zb.com. ZB Academy is to provide prefessional blockchain insights.