The real purpose of the new digital currency… seems to be… to challenge the long-standing global reign of the US dollar.
The new digital currency is part of the CCP’s ambition, as laid out in its new Five-Year Plan for the years 2021-2025, to digitalize China. The digitalization, in turn, is part of China’s ambition to become technologically independent of the West and to dominate global tech, and overtake the US as the world’s dominant power by 2049,” the 100 th anniversary of China’s Communist Revolution.
Crucially, China’s new digital currency, in addition to increasing state control and surveillance in China.. .could affect the ability of the US, and other countries, to level sanctions at the Chinese government for its human rights abuses and other breaches of international law.
The US, on its part, does not appear ready for China’s challenge over the future of money.
“Not only are the American monetary authorities underestimating the threat posed to dollar dominance by China’s pioneering combination of digital currency and electronic payments. They are also treating the blockchain-based financial innovations that offer the best alternative to China’s e-yuan like gatecrashers at their own exclusive party.” — Niall […]
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JD Rucker – EIC