1 MONGOLIA PM FACES LIKELY CONFIDENCE VOTE AMID CORRUPTION CLAIMS WWW.AFP.COM PUBLISHED:2025/06/02      2 RIO TINTO FINDS ITS MEGA-MINE STUCK BETWEEN TWO MONGOLIAN STRONGMEN WWW.AFR.COM PUBLISHED:2025/06/02      3 SECRETARY RUBIO’S CALL WITH MONGOLIAN FOREIGN MINISTER BATTSETSEG, MAY 30, 2025 WWW.MN.USEMBASSY.GOV  PUBLISHED:2025/06/02      4 REGULAR TRAIN RIDES ON THE ULAANBAATAR-BEIJING RAILWAY ROUTE TO BE RESUMED WWW.MONTSAME.MN PUBLISHED:2025/06/02      5 MONGOLIAN DANCE TEAMS WIN THREE GOLD MEDALS AT THE WORLD CHAMPIONSHIP CHOREOGRAPHY LATIN 2025 WWW.MONTSAME.MN  PUBLISHED:2025/06/02      6 RUSSIA STARTS BUYING POTATOES FROM MONGOLIA WWW.CHARTER97.ORG PUBLISHED:2025/06/02      7 MONGOLIA BANS ONLINE GAMBLING, BETTING AND PAID LOTTERIES WWW.QAZINFORM.COM PUBLISHED:2025/06/02      8 HOW DISMANTLING THE US MILLENNIUM CHALLENGE CORPORATION WILL UNDERMINE MONGOLIA WWW.THEDIPLOMAT.COM PUBLISHED:2025/05/30      9 ORBMINCO ADVANCES BRONZE FOX PROJECT IN KINCORA COPPER PROJECT IN MONGOLIA WWW.DISCOVERYALERT.COM.AU PUBLISHED:2025/05/30      10 MONGOLIA SOLAR ENERGY SECTOR GROWTH: 1,000 MW BY 2025 SUCCESS WWW.PVKNOWHOW.COM PUBLISHED:2025/05/30      ЕРӨНХИЙЛӨГЧ У.ХҮРЭЛСҮХ, С.БЕРДЫМУХАМЕДОВ НАР АЛБАН ЁСНЫ ХЭЛЭЛЦЭЭ ХИЙЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/02     Н.НОМТОЙБАЯР: ДАРААГИЙН ЕРӨНХИЙ САЙД ТОДРОХ НЬ ЦАГ ХУГАЦААНЫ АСУУДАЛ БОЛСОН WWW.ITOIM.MN НИЙТЭЛСЭН:2025/06/02     Л.ТӨР-ОД МҮХАҮТ-ЫН ГҮЙЦЭТГЭХ ЗАХИРЛААР Х.БАТТУЛГЫН ХҮНИЙГ ЗҮТГҮҮЛЭХ ҮҮ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/02     ЦЕГ: ЗУНЫ ЗУГАА ТОГЛОЛТЫН ҮЕЭР 10 ХУТГА ХУРААЖ, СОГТУУРСАН 22 ИРГЭНИЙГ АР ГЭРТ НЬ ХҮЛЭЭЛГЭН ӨГСӨН WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/02     УУЛ УУРХАЙН ТЭЭВЭРЛЭЛТИЙГ БҮРЭН ЗОГСООЖ, ШАЛГАНА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/02     ГАДНЫ КИБЕР ХАЛДЛАГЫН 11 ХУВЬ НЬ УИХ, 70 ХУВЬ НЬ ЗАСГИЙН ГАЗАР РУУ ЧИГЛЭДЭГ WWW.ZINDAA.MN НИЙТЭЛСЭН:2025/06/02     НИЙТИЙН ОРОН СУУЦНЫ 1 М.КВ-ЫН ДУНДАЖ ҮНЭ 3.6 САЯ ТӨГРӨГ БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/02     ГОВИЙН БҮСИЙН ЧИГЛЭЛД УУЛ УУРХАЙН ТЭЭВЭРЛЭЛТИЙГ БҮРЭН ЗОГСООНО WWW.EAGLE.MN НИЙТЭЛСЭН:2025/05/30     СОР17 УЛААНБААТАР ХОТНОО 2026 ОНЫ НАЙМДУГААР САРЫН 17-28-НД БОЛНО WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/05/30     НИЙСЛЭЛИЙН ТӨР, ЗАХИРГААНЫ БАЙГУУЛЛАГЫН АЖИЛ 07:00 ЦАГТ ЭХЭЛЖ 16:00 ЦАГТ ТАРНА WWW.EAGLE.MN НИЙТЭЛСЭН:2025/05/30    

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

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Blasts at ancient Aboriginal site expose widening ESG frontline www.mining.com

Explosions that damaged a 40,000-year-old Aboriginal heritage site at a Rio Tinto Group iron ore mine in Australia are focusing investor concern on the growing reputational risk companies face from social issues, widening the advocacy battlefront beyond climate change and governance.

The world’s no. 2 miner is being challenged by shareholders over its decision to carry out new blasting on May 24 for production at its Brockman 4 mine in Western Australia. While the explosions were authorized under a 2013 decision by the state government, the incident has sparked widespread controversy.

“It raises the question about, what is legal versus what is right? And that’s something that companies and also the investment community is under increasing pressure to consider,” said Danielle Welsh-Rose, ESG investment director for Asia-Pacific at Aberdeen Standard Investments, which holds Rio shares and manages about $645 billion in global assets.

“Investors are already more focused on human rights and social issues than they have been in the past, so there’s definitely scope for something like this to trigger an investor response,” she said.

They also are wielding increasing influence in markets. Norway’s $1 trillion wealth fund is doubling down in its responsible investment strategy, recently excluding Brazilian iron-ore giant Vale SA in line with its rules on environmental damage, and utility Eletrobras SA, citing the risk of human rights violations, including increased pressure on indigenous lands.

Aberdeen has sought more information from Rio on the incident at Juukan Gorge in the Pilbara region. Two damaged rock-shelters at the site may have been occupied by humans as long as 46,000 years ago, according to the Australian Archaeological Association Inc.

Rio was reviewing its plans for the Juukan Gorge and will launch a comprehensive review of its broader heritage approach, iron ore CEO Chris Salisbury said Sunday, apologizing to the traditional landowners, the Puutu Kunti Kurrama and Pinikura Aboriginal Corporation. “We are sorry for the distress we have caused,” he said.

The landowners, who recognized Rio had complied with its legal obligations, said May 25 that they were first advised on May 15 about the blasting.

The company said May 27 it also was sorry that the recently expressed concerns of the traditional owners had not arisen through the engagements that had taken place over many years under the agreement that governs its operations on their country.

Rio had been informed on numerous occasions of the land’s importance and the community’s preference for keeping the shelters intact, the PKKPAC said in a statement May 30.

Debby Blakey, CEO of the Health Employees Superannuation Trust Australia, an industry pension fund that manages more than A$55 billion ($37 billion), has also written to the London-based producer seeking further explanation.

“If we show our dismay, and show the company, and expect a higher bar — and quite honestly expect them to do what they say they’re going to do in terms of their reconciliation action plan themselves — I think other companies will be more aware,” Blakey said. “Just because something is legal, doesn’t make it right.”

The firepower of socially conscious shareholders is growing. Almost $31 trillion was allocated to sustainable investing strategies in five key markets at the start of 2018, about a third higher than in 2016, according to a report by the Global Sustainable Investment Alliance.

So-called impact funds, which seek to actively generate social and environmental outcomes alongside a financial return, hold about $500 billion globally, the Global Impact Investing Network said in a report last year.

It’s likely investor groups will use votes against company boards at annual meetings, or table resolutions calling for action — familiar tactics used to articulate climate concerns — to highlight social issues, Aberdeen’s Welsh-Rose said.

“The reputation risk is something that is increasing now compared to how it was, I think because of that real collaborative investor action and increased sophistication of pressure groups, advocacy groups and investor groups.”

In Australia alone, investments in conservation, clean energy and other initiatives that are considered likely to have a positive impact on the environment or society will rise five-fold to A$100 billion in the next five years, according to the Responsible Investment Association Australasia.

“Social issues are just as important as the environmental, critical to protecting shareholder value,” according to Hesta’s Blakey, who said surveys of the pension fund’s members found they give about equal weight to the two issues.

While much recent ESG focus has been on climate and governance issues, that’s often been because there’s easier access to data in those areas, according to Aberdeen’s Welsh-Rose. “It’s a little bit more clear cut,” she said. “There’s a lot of work going on now to get companies to provide a lot more information and data on the social side.”

For Rio Tinto, there are specific questions to address on internal processes as a result of last month’s heritage site blasts, said Susheela Peres da Costa, head of advisory at Regnan, which advises institutional investors on ESG risks. A Rio spokesman pointed to the company’s plans announced Sunday to review and improve its handling of heritage issues.

“If this was a communication failure between the indigenous groups and Rio, it might raise questions about the stakeholder consultation process effectiveness,” she said. Alternatively, it could also be a matter of internal governance in communicating stakeholder risk properly. “It was a surprise to us, in particular because we think of Rio’s record on indigenous issues as relatively good.”

(By Sybilla Gross and David Stringer)

 
 
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BoP deficit reaches USD 665.4 million www.zgm.mn

The foreign direct investment totaled USD 491.4 million, decreased by more than 20 percent year on year. The Bank of Mongolia (BoM) emphasized that the Oyu Tolgoi project made up more than 90 percent of the foreign direct investment as of the first quarter of the year.

In the first four months of 2020, the balance of payments (BoP) showed a deficit of USD 665.4 million. The BoP deteriorated by USD 988 million compared to a surplus of USD 322.9 million in the same period last year. As the balance of payments deteriorates, the current account balance deficits USD 389.6 million. At the end of April last year, the current account surplus was USD 689.3 million. Major exports fell sharply due to border restrictions imposed to prevent COVID-19 during the period. Specifically, coal exports at the end of May shrunk 2.6 times than the previous year. In terms of inflows, foreign direct investment totaled USD 491.4 million, which decreased by more than 20 percent year on year. The Bank of Mongolia (BoM) emphasized that the Oyu Tolgoi project made up more than 90 percent of the foreign direct investment as of the first quarter of the year.

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15,000 people tested for COVID-19 nationwide www.montsame.mn

Since January, more than 15.3 thousand people have been tested in virology laboratories for COVID-19 nationwide. Medical service is being carried out normally and there are 1792 people are under observation in isolation facilities and 3,843 people are under home isolation as of today, reported Ya.Buyanjargal, Head of the Department of Medical Assistance at the Ministry of Health, at today's daily briefing of the Ministry of Health.

“Around 2000 Mongolians are predicted to be brought from abroad and Isolation facilities are being prepared to receive these citizens. In particular, Central Military Hospital will be vacated. We are working with the embassies abroad and international organizations to increase supply of medicines and medical equipment” she added.

On Children’s Day, June 1, 130 mothers gave birth to 132 children nationwide. 1892 calls of ambulance were recorded, of which the majority of them were birth, injuries and household accidents.

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Mandakh University steps up online learning in Mongolia www.ebrd.com

EBRD and EU support prepared university for remote teaching during coronavirus pandemic

With many schools and universities around the world temporarily having to close their doors due to the coronavirus pandemic, public and private learning institutions immediately looked for solutions to continue education programmes and academic curricula.

Parents of young pupils suddenly had to refresh their grammar and algebra knowledge, with various degrees of success, but for higher education students, it was all about access to online teaching.

In Mongolia, the private Mandakh University wasted no time in launching its courses online shortly after the government ordered the closure of educational facilities. The university was well equipped to move its operations online thanks to a recent business advice project undertaken with the help of the EBRD and funding from the European Union (EU).

One of the oldest private universities in the country, it comprises several faculties including Economics and Business, Accounting, Engineering and Information Technology, and enrols up to 3,000 students every year. With its main campus in the capital Ulaanbaatar and a branch campus in the Darkhan-Uul province, the university’s research papers contribute to international publications and conferences. Mandakh’s motto is a policy to nurture prosperity: “Wealth is created through knowledge.”

With the ambition of achieving the best international standards, the university first started working with the EBRD a few years ago.

Through the Bank’s Advice for Small Businesses programme, a consultant, who was funded partly by the EU and partly by the university, helped Mandakh introduce new management procedures and obtain ISO certification for its quality management system, which allows for better monitoring and continuous improvement of its processes.

This brought with it several achievements, including a major move to new state-of-the-art premises, with modern classrooms and offices, a gym, a canteen and a library; the expansion of IT, engineering and MBA programmes; and increased cooperation with foreign universities.

Upgrading learning methodologies is of great importance to Mandakh University, so the next project, again with the support of the EBRD and the EU, focused on introducing digital technology into all areas, from management to teaching. This could not have been more timely: when the outbreak of the Covid-19 pandemic forced the physical closure of the campus, Mandakh University was ready to swiftly and effectively move all its courses online.

The university immediately developed a plan to improve remote teaching services and students’ access to research work. Faculty members received instructions on how to organise their lessons, which are conducted via video class, while graduate students have been advised on how to prepare for final exams and maintain regular contact with their supervisors and teachers to keep up with their studies.

The director, Nanjid Gombojav, is proud of the university’s accomplishments: “During the implementation of the project, we conducted research on school operations and management. The advice from the consultants and the improvements following this are now paying off.”

“The objective of the European Union in Mongolia is to support youth employment. In this crisis period, we are focusing our projects’ to meet long-term impact of Covid-19. Stakeholders in our projects such as Mandakh University are developing e-learning materials that will also be made available to youth in remote areas. This is an imperative tool for education to reach the youth of Mongolia today and in the future,” says Pierre-Yves Lucas, Cooperation Team Leader, European Union Delegation to Mongolia.

“The EBRD has a strong focus on small and medium-sized enterprises in Mongolia, especially during these challenging times. SMEs have a certain capacity to adapt to new situations, which makes them potentially more resilient, given the right support. That’s exactly what the EBRD and the EU provide,” says Baigalmaa Sanjjav, EBRD Principal Manager, SME Finance and Development in Mongolia.

The pandemic didn’t even stop the annual English Skills Competition from taking place in April, which saw 380 students pit their knowledge online in five skills: linguistics, vocabulary, reading, translation and Q&A. Congratulations to the top winners: B. Nomindar, Z. Namuun-Erdene, B. Temuulen, N. Oyuntungalag and B.Usukhbayar! We hope you are reading this!

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RSF calls for media reform to tackle corruption www.rsf.org

Reporters Without Borders (RSF) calls on the Mongolian political parties and the candidates to the coming legislative election to voice their commitment to support newsroom independence as the best way to tackle corruption.
With legislative elections in Mongolia approaching on June 24th, Reporters Without Borders (RSF) has asked candidates and political parties to commit to improving media freedom in the country as a way to combat endemic corruption.

Reporters Without Borders (RSF) urged Mongolia’s parliamentary candidates and political parties to strengthen transparency and independence of the newsroom from the boardroom; protect journalists and sources against judicial, physical and online harassment; scale-up public media resources and strengthen guarantees of independence; establish an independent process against disinformation; and to make media literacy an integral part of the education system.

“When journalists don’t have to risk compromising their sources or fear retributive lawsuits and when editorial departments have the ability to publish stories independent of political or commercial pressure, the media will be able to more easily bring corruption cases to the attention of the public, therefore triggering a strong dissuasive effect,” said Cédric Alviani, RSF East Asia bureau head.

Although Mongolia globally respects the principles of liberty and media pluralism, its regulation still lacks basic legal protections for confidential sources and current defamation laws lead to journalistic self-censorship or harsh fines.

Mongolia ranked 73rd out of 180 in the 2020 World Press Freedom Index.

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Is it for real? How Vietnam and Mongolia kept their COVID-19 death toll at zero www.timesnownews.com

While Vietnam has a population of about 9.8 crore, Mongolia is a country of just 33 lakh people. But both Asian countries are a good case study of how to handle a health crisis with limited resources.

One of the puzzling aspects of COVID-19 is how some countries have seen their infection count and death toll soar while others have almost entirely escaped the worst effects of the pandemic.

Epidemiologists and other experts are struggling to find a neat theory that explains the exact reason why the pandemic behaves differently in different countries.

We have heard a lot about the South Korea model and how it managed to keep its mortality figures relatively low despite being among the first to report infections outside of mainland China.

Greece is another success story and it’s all the more credible as the country’s economy has major structural weaknesses and it is popular with tourists. In fact, many Greeks are wondering why the UK – a much richer country – has stumbled so badly in its coronavirus response.

While many theories are being propounded about how South Korea and Greece have handled the crisis well, perhaps less attention has been focussed on Vietnam and Mongolia – which have done very well in managing the pandemic though they are neither rich countries nor do they have particularly robust health care systems.

While Vietnam has reported 328 confirmed cases and zero deaths, Mongolia has reported 185 confirmed cases and no fatalities.

Vietnam and Mongolia are, of course, two very different countries and societies. While Vietnam has a population of 9.8 crore, Mongolia is a country of only 33 lakh people. Yet both Asian countries are a good case study of how to handle a crisis with limited resources.

Let’s take a closer look at how they took they took the pandemic head-on.

Vietnam
Early action: Vietnam did not wait for WHO guidelines to kick in. As soon as cases of the novel coronavirus were reported in China, Vietnam put in place a system of screening passengers coming from Wuhan (the Chinese city which was the origin and the first epicentre of the outbreak) for temperature. This was in the first half of January. Vietnam declared a “national pandemic” on February 1 though it had only six confirmed cases by then. The very next day all flights between China and Vietnam were suspended. By mid-February all schools and colleges were shut.

Rigorous contact tracing: All contacts of Vietnamese nationals coming home from abroad who tested positive were meticulously traced and placed under a strict 14-day quarantine. Contract tracing was a massive effort involving all levels of government and tens of thousands of health workers. Even indirect contacts were traced.

Communication: The Vietnamese government went all out in taking the message to the people – by all possible mediums including TV, radio, newspapers, internet and mobile phones. A pop song promoted by the government that endorsed hand-washing went viral

Mongolia
Pre-emptive measures: After the WHO recommended on January 22 that countries should begin considering measures to contain coronavirus, Mongolia got into action and put its State Emergency Commission along with health ministry in dual charge of the response to the outbreak. Remarkably, the closing of schools started as early as January 25.

Strong steps in February: While most of the world was going on with business as usual in February – thinking that the upheaval caused in Wuhan was too remote from their shores – Mongolia cancelled its national holiday Tsagaan Sar, banned all travel between capital Ulaanbaatar and other provinces, stopped all international travel and closed its borders with its two large neighbours Russia and China.

Best practices: The steps which the WHO has repeatedly stressed on – wearing masks, washing hands and contact tracing -- were adopted enthusiastically in Mongolia, and early in the outbreak.

The views expressed by the author are personal and do not in any way represent those of Times Network.

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AmCham Mongolia urges for Mongolia’s bold Digital Transformation during the pandemic www.montsame.mn

The American Chamber of Commerce in Mongolia (AmCham Mongolia) organized its May Webinar as part of the Webinar Series initiative and discussed Digital transformation during pandemic: Where is Mongolia? The panelists were George Chen, Head of Public Policy at Facebook Inc; Ganhuyag Hutagt, CEO and founder of Ard Financial Group; Bayarsaikhan Volodya, COO of And Global Pte Ltd and Founder and CEO of TomYo EdTech; and Uyanga Khurelbaatar, Director of Digital and Technology Solution Division at Wagner Asia.

Over 60 attendees participated in the online discussion, including representatives of AmCham member companies, and domestic and international businesses, discussing global digital transformation trends and how its shaping businesses in Mongolia and steps needed to be taken to embrace Digital transformation.

In her opening remarks, AmCham Board Director B. Gerelmaa noted that digital transformation means two things for companies: embracing innovative strategies using cloud platforms, mobile apps, and social media to connect products and services to customers; and the change of the nature of business using digital technology.

George Chen, Facebook highlighted as a forerunner in digital transformation that Facebook has become more than a social platform that connects individuals. It developed into a platform that connects global consumers to products and services. As digital transformation is happening in 2 layers, the first layer is the way you work, which is being transformed so that the use of digital technologies to connect is becoming the norm. The second layer is how you run businesses in times of social distancing, starting from food delivery services to the use of e-commerce. Facebook is encouraging institutions to make use of Facebook features to teach classes online, developing policy guidebooks for SMEs, and working to help consumers address misinformation.

Mr. V. Bayarsaikhan noted that digital technology is a way to make services more accessible and easy to use. Most importantly, it is essential to leverage technology to make health and education more affordable, which is why he developed TomYo EdTech that compiles global courses into one platform, which Mongolian youth can take advantage of without traveling and at a reasonable price.

Ms. Kh. Uyanga emphasized that Digital transformation has already started from the moment we had access to the internet. It is not a question of Are we ready for this transformation? We are already ready, and COVID-19 is only accelerating the process that was already happening. However, taking business operations fully digital takes time; at least at Wagner Asia, a global mining company, it is happening in several phases from getting the platforms ready to ensure the potential logistics and security issues are addressed.

Finally, Mr. Ch. Gankhuyag, CEO and founder of Ard Financial Group, has urged the government to prepare the infrastructure and policy frameworks to enable businesses to start the digital transformation process and use this tide created by the global pandemic to effect change in Mongolia.

Following the discussion, the panelists took part in a Q&A session and answered the virtual audience’s questions.

Source: AmCham Mongolia

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606 candidates confirmed to run for 2020 parliamentary election www.montsame.mn

The General Election Commission (GEC) today released the list of 606 confirmed candidates in 29 electoral districts of the 2020 parliamentary election.

On June 2, the day when election campaign period officially starts, the GEC is issuing candidate cards to the confirmed candidates, including 485 candidates from 13 political parties and 4 coalitions, and 121 independent candidates.

The confirmed 485 candidates running from political parties and coalitions are as follows:

76 candidates are from Mongolian People’s Party

76 candidates - Democratic Party

15 - Mongolian Green Party

74 - Our Coalition /Mongolian People’s Revolutionary Party, Civil Will, Green Party, Mongolian Traditionally United Party/

72- NEW Party, Republican Party, True and Right Party, Mongolian National Democratic Party’s “NEW COALITION (SHINE)”

53 - Right Person Electorate Coalition /National Labor Party, Mongolian Social Democratic Party, Justice Party/

13 - Freedom for People Party

7 - Development Program Party

1 - United Patriots Party

34 – ‘Sahigtun! Constitution 19’ coalition /Mongolian Conservative Party, Mongolia for People’s Party/

1 - Love the People Party

3 - World Mongols Party

30 - Demos Party

24 - People’s Majority Governance Party

1 - The Great Unity Party

4 - Ger District Development Party

1 - Mongolian Capitalist Party

Out of all candidates, 455 or 75.08 percent are male and 151 or 24.92 percent are female.

As of previous parliamentary election held in 2016, a total of 498 people ran, and 14 percent or 69 were independent candidates, and 26 percent or 129 were women.

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Centerra kicks off commercial mining in Turkey www.mining.com

Canada’s Centerra Gold (TSX:CG) has declared commercial production at its Öksüt mine in Turkey, four months after it poured first gold at the operation.

The Toronto-based company now has three producing mines, including Kumtor the Kyrgyz Republic and Mount Milligan in British Columbia, Canada.

“Commercial production at Öksüt marks a major milestone for the company. Öksüt was delivered on time and under budget,” chief executive Scott Perry said in a media statement.

The Turkish mine, located in the country’s south central Kayseri province, was planned as a conventional truck and shovel open pit heap leach operation, with a stacking rate of 11,000 tonnes per day.

The initial eight-year mine life was expected to process approximately 1.2 million contained ounces of gold from two open pits, the Keltepe pit and the smaller Güneytepe pit.

Attractive portfolio
Centerra, which acquired the asset in 2013, rejected in April an offer by Premier Gold (TSX: PG to acquire a 50% interest in a joint project with Greenstone Gold Mines.

The partnership is developing the Hardrock gold asset in Ontario, Canada. The project is touted as one of the most significant large-scale, near permitted, mine development opportunities in North America.

Company-wide gold production in the first quarter rose to 190,474 ounces from 183,563 ounces in the same period a year ago, Centerra said in its last earnings report.

That included 152,307 ounces at Kumtor, 33,681 ounces at Mount Milligan and 4,486 at Öksüt during the start-up phase.

Copper production at Mount Milligan during the first quarter was 20.1 million pounds.

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China’s digital yuan could replace bitcoin & end US dollar hegemony www.rt.com

The Chinese sovereign digital currency, which may be offered to the public next year, is projected to replace paper money. Analysts say it may even shift the global balance of economic power.
The People’s Bank of China last week revealed plans to have its sovereign digital currency ready in time for the 2022 Winter Olympics. Limited trials are already underway in four cities across the country.

“Looking back years later, the two defining historic events of 2020 would be the coronavirus pandemic, and the other would be [China’s] digital currency,” a senior researcher with Peking University's Digital Finance Research Centre, Xu Yuan, told earlier the South China Morning Post.

While launching studies on its own digital unit as far back as 2014, Beijing has cracked down on the use of all cryptocurrencies, such as bitcoin. Cryptocurrency trading has been halted on some 100 exchanges in the country since 2017, in compliance with regulation on fraud and money laundering. “They see an opportunity of being a global leader here,” Andrew Polk, co-founder and head of economic research at Trivium China (a Beijing-based consultant) was cited by Bloomberg as having said.

Experts say China’s plans have triggered concerns about a new threat to US financial dominance. According to Aditi Kumar and Eric Rosenbach of the Harvard Kennedy School, the digital version of the Chinese renminbi could eventually allow Iran and other countries to more easily evade US sanctions or move money without it being spotted by Washington. They explained in an article for Foreign Affairs that one day it might be possible to transfer the digital currency across borders without going through dollar-based international payment systems.

Former US Treasury Secretary Henry Paulson has argued that the threat to the dollar’s status as the world’s preferred currency is “not a serious concern.” He claimed that even if a digital yuan proves to be highly mobile around the world, the US dollar is widely trusted, and oil and other key commodities are still priced in it.

However, according to the CEO of Sino Global Capital Matthew Graham, digital yuan could encourage other countries and people overseas to get on board with China’s technology and currency.

The digital yuan will be linked to the holder's smartphone number, with transactions taking place through an app. Users will be able to transfer money between accounts by tapping phones, much like having physical cash change hands. The currency will be legal tender, so it could be exchanged without needing a bank as an intermediary.

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