by Tyler Durden
It s been a long time coming, and now it s almost here.
Last August we reported that China s Commerce Ministry had released fresh details of a pilot program for the country s central bank digital currency (CBDC) to be expanded to several metropolitan areas, including Guangdong-Hong Kong-Macao Greater Bay Area, Beijing-Tianjin-Hebei region, and Yangtze River Delta region. This was the inevitable culmination of a process which started back in 2014 when as we reported at the time, China Readies Digital Currency, IMF Says Extremely Beneficial .
Fast forward a few months when China s preparations to rollout a digital yuan gathered pace, and we reported in October that
PayPal chief executive Peter Thiel has raised concerns that China could use Bitcoin as a financial weapon against the US
PayPal CEO Peter Thiel yesterday revealed that he feared Bitcoin could be used by China as a weapon against the US. Thiel, a Bitcoin maximalist, argued that the Chinese might use the flagship crypto to undermine the power of the US dollar. Speaking at a roundtable held by the Richard Nixon Foundation, the renowned venture capitalist laid bare his worries suggesting China couldnât be trusted.
He claimed that the country could leverage Bitcoinâs characteristics to subvert the US dollar.
China s digital currency play could spell trouble for private sector, foreign industry
China s ongoing experiments with a national digital currency could be an attempt to expand its influence over citizens daily finances, while also serving as a way of expanding control over both domestic and foreign corporations, according to some economic experts.
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Critics like Yaya Fanusie see the digital yuan project as an extension of China s ambitious data-driven goals
CBC Radio ·
Posted: Apr 02, 2021 7:06 PM ET | Last Updated: April 2
Officially known as the renminbi, or people s currency, China s national currency is often referred to as the yuan, which is a basic monetary unit akin to the dollar.(Ng Han Guan/Associated Press)
Central Bank Digital Currencies Pose Risk for U.S. Dollar
Posted on 04/07/2021
According to IMF data, since 2014, the U.S. dollar’s share of global reserve currencies has dropped by 7 full percentage points, from 66% to 59%. Starting from around 1996, the share of U.S. dollars as a global reserve currency was always above 60%. From 1978 to 1995, the ratio at times was mostly under 60%. In 1978, there was a massive plunge in the reserve currency ratio that could be linked to U.S. inflation which was at high levels, peaking at almost 15% in 1980. Keep in mind that what’s not included in global foreign exchange reserves are the Federal Reserve’s own holdings of U.S. dollar-denominated assets. The U.S. dollar’s hegemony is a key enabler for the U.S. government to increase its public debt.
China Begins Testing Digital Yuan in Hong Kong morningbrew.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from morningbrew.com Daily Mail and Mail on Sunday newspapers.