According to a Bloomberg report, the Bank of Japan's head of payments has dismissed the possibility that China's digital yuan will undermine the dollar's status as the world's reserve currency.

• “The dollar’s status as the key global currency won’t change so easily,” Kazushige Kamiyama was quoted as saying. “In fact, the dollar’s advantage may strengthen further if the U.S. goes with digitalization.”
• According to the publication, the Biden administration is concerned about the long-term implications of a digital yuan on the dollar's status.
• Officials in the United States have been working hard to figure out how the digital yuan will be distributed and how it will affect trade sanctions.
• The People's Bank of China (PBoC) is making rapid progress in developing a central bank digital currency (CBDC), with the People's Bank of China (PBoC) leading the way through pilot projects.
• Director of the PBoC Digital Currency Research Institute Mu Changchun spoke openly about the digital yuan and the need to address privacy concerns.
• The BOJ announced on April 5 that it had begun the first phase of testing its own CBDC.