zerohedge.com 08 Jun, 2021 01:45 am

China Will Use "Coercive Power" To Force Digital Yuan On Population

China Will Use "Coercive Power" To Force Digital Yuan On Population
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

It was supposed to be the biggest threat to the reserve status of the dollar (China's denial that it has no desire to replace the USD with the digital yuan only confirms it) since the failed experiment that is the "whatever it takes" euro, but instead it is turning out to be one giant yawn.While many pundits have argued that China's digital yuan would be a "potentially fatal challenge" to American hegemony according to historian Niall Ferguson, Templeton's Hasenstab saying it could undermine the dollar's role as a reserve currency and even Biden's White House studying the potential threats to the US currency, one month ago we reported that those who’ve actually used the digital yuan in China offer a vastly different response: big shrugs of indifference.After interviewing users of China's digital currency, Bloomberg noted that they showed little interest in switching from mobile payment systems run by Ant Group and Tencent that have already replaced cash in much of the country, with some openly balking the digital yuan - which recall is programmable and comes with an ad hoc expiration date - and which gives authorities access to real-time data on their financial lives.And, as we noted last month, "even if authorities ultimately convince - or rather force - citizens to embrace the digital yuan, it’s unclear how they can do the same with international consumers and businesses already wary of China’s capital controls, Communist Party-dominated legal system and state surveillance apparatus.

” Those familiar with China's grand ambitions suspect that Xi has high hopes for international use of the digital yuan as he tries to lessen his country’s reliance on the U.She said China “should take advantage of the early progress” in the digital yuan’s development to explore potential areas for internationalization.

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