The People’s Republic of China does not seem to want people to think that its digital yuan holds any potential to influence global power dynamics.
In March this year, China’s state-run Global Times ran a piece titled “China’s digital yuan trials completely irrelevant to geopolitics.” Nevertheless, analysts on the other side of the Pacific seem to harbor a different view.
Only last month, Franklin Templeton’s famous bond manager Michael Hasenstab penned an article arguing that “China’s digital currency poses a threat to dollar dominance.”
The Biden administration has since begun eyeing potential threats from China’s virtual coin. While pundits continue to express a mostly polarized view of the matter, both perspectives seem to miss the point.
In April 2020, after six years of development, the People’s Bank of China (PBOC) launched the first pilot program of its Digital Currency Electronic Payment (DCEP) in Xiangcheng District, Suzhou. Since then, pilots have expanded to Shenzhen, Chengdu, Xiong’An and Shanghai.
Read More at https://asiatimes.com/2021/05/the-real-motivation-behind-chinas-digital-yuan/
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