China Mulling Over East Asia Regional Virtual Currency, Plans To Challenge US Dollar

China is mulling over yet another digital asset-related proposal to take on the domination of USD in global payments.

Chinese officials are purportedly mulling over forming an East Asia virtual currency to achieve more independence from USD and stimulate trade relations within the area.

As per a recent Nikkei Asia report, ten members of the nation’s top political advisory body, the Chinese People’s Political Consultative Conference, suggested forming a virtual currency that would be backed by a combination of currencies. These include Japanese yen, Chinese yuan, Hong Kong dollar, and South Korean won.

The aforementioned suggestion was purportedly presented by the co-founder of Chinese travel services giant Ctrip and the nation’s top venture capital investor, Neil Shen and Henry Tang, a Hong Kong based politician.

Notably, the East Asia digital currency also appears to be in sync with China’s ambitions to form a payment network independent from the U.S. dollar, which is presently the most prevalent medium for global business dealings.