Purpose : In this study, through exploratory research on CBDC(central bank digital currency) centered on China, the possibility of a key currency is examined and implications are presented. Research design, data, methodology : As a research method, literature research was conducted in Korea and abroad through the data of theses, research reports, and dissertations related to CBDC. Results : The US and the European Union must block the Chinese government’s strategy of gaining the status of a key currency in the future through the issuance of CBDCs and building a new global financial system based on the RMB CBDC. The digital currency competition between the U.S. and China will be fiercer in the future to enjoy the privilege of being a key currency holder. Overall, it can be said that it is too early to predict the final winner. Conclusions : China’s central bank uses the term ‘digital currency and electronic payment (DCEP)’, not digital currency (CBDC). This can be interpreted as an intention to expand the scope of payment and settlement beyond simply replacing the main currency. There is a possibility of pursuing the establishment of a transnational payment and settlement system that surpasses Alipay or WeChat Pay using central bank digital currency.