China’s Digital Yuan Could Pose Challenges to the U.S. Dollar

July 25, 2021

Summary: 

China is challenging the status of the U.S. dollar as the de facto monetary reserve. China has already launched digital yuan to more than one million Chinese citizens, while the U.S. is still largely focused on research.

The United States is very different from China. Privacy is a major concern in the US. Another concern is access rights––limited Americans have access to the internet or are reluctant to use digital currencies.

However, the idea of a CBDC in the U.S. is aimed, in part, at making sure the dollar stays the monetary leader in the world economy.

“The digital yuan is the largest threat to the West that we’ve faced in the last 30, 40 years. It allows China to get their claws into everyone in the West and allows them to export their digital authoritarianism,” said Kyle Bass of Hayman Capital Management.

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Edited by:【Himalaya London Club UK】

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