China To Try To Dominate Digital Currency Landscape

You wanna know what people are thinking?

Look at what they buy.

The government of China, one of the largest surveillance states in the world (including the US and the UK), is rolling out its own brand of cryptocurrency.

The digital yuan will be issued and controlled by the central Bank of China which, the Wall Street Journal notes, will destroy the attraction of other cryptocurrencies (such as Bitcoin): the (supposed) ability to stay anonymous.

But the homeland is just the beginning as the Chinese government is apparently wanting to see the DY become internationally accepted in order to push the U.S. Dollar off of the throne of international transactional currency. The Dollar is used now for about 88% of all international transactions, with its next competitor being the Euro; the yuan accounts for only 8%.

As the government continue to shut down Bitcoin transactions and put pressure on large home-grown financial companies, watch for the push to get the DY into wider circulation.

https://www.wsj.com/articles/china-creates-its-own-digital-currency-a-first-for-major-economy-11617634118

Source: https://jeffkoeppel.wordpress.com/2021/04/07/china-to-try-to-dominate-digital-currency-landscape/