By Tony Winterburn • 09 December 2020 • 21:49
China’s New Digital Currency Signals The End For The US Dollar’s Global Dominance And Is Forecast To Change The World As We Know It.
It has been several years now since China started developing the digital yuan, the first cryptocurrency from a central bank and government in the world and it is now nearing completion.
Chinese online retailer JD recently began accepting it as a payment method as the government trials its use by giving citizens up to $3 million worth. It is also going to be used to facilitate cross-border transactions with Hong Kong. The digital currency is set to be fully rolled out before the 2022 Winter Olympics in Beijing, where it will be presented as a showcase.
The digital yuan will be the first national currency which will not exist in any physical form, instead, it will be held digitally and entirely online. While currencies of old were traditionally based on something tangible – such as the gold standard – the digital yuan is built on complicated computer engineering. This means the way it is utilized and regulated differs totally from a normal currency. A digital currency is more easily managed by its parent government, making it more traceable and observable…?
Bypassing The Buck- A Cautionary Tale.
There were many things that drove President Bush and his administration to invade Iraq, unseat Saddam Hussein and take over the country, the biggest one, many believe, was hidden and yet very, very simple. It was about the currency used to trade oil and consequently, who would dominate the world economically, in the foreseeable future, the USA or the European Union. However, now, with the release of its digital currency and its intention to ‘bypass the buck’, China can be added to the equation. What are your thoughts?
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