williamsantiago on Nostr: Digital yuan faces setbacks as Xi’s vision for China’s CBDC falters ...
Digital yuan faces setbacks as Xi’s vision for China’s CBDC falters
https://www.kitco.com/news/article/2024-11-26/digital-yuan-faces-setbacks-xis-vision-chinas-cbdc-falters
China's digital yuan project, a central bank digital currency (CBDC) championed by President Xi Jinping, appears to be facing significant setbacks.
Despite efforts by the People's Bank of China to promote its adoption, a recent survey found that 90% of respondents had never used or seen the digital yuan. The project's main promoter, Yao Qian, has been dismissed and arrested on corruption charges, sparking speculation about the project's future.
Experts suggest that the digital yuan's failure is due to concerns about its potential to deprive citizens of their right to control their private property and strengthen the government's surveillance over society.
Additionally, the project's goal of internationalizing the renminbi and challenging the US dollar's dominance has been hindered by technical issues and lack of trust in the currency. As a result, the digital yuan's adoption has stalled, and the project is now being seen as one of Xi Jinping's unfinished undertakings.
https://www.kitco.com/news/article/2024-11-26/digital-yuan-faces-setbacks-xis-vision-chinas-cbdc-falters
China's digital yuan project, a central bank digital currency (CBDC) championed by President Xi Jinping, appears to be facing significant setbacks.
Despite efforts by the People's Bank of China to promote its adoption, a recent survey found that 90% of respondents had never used or seen the digital yuan. The project's main promoter, Yao Qian, has been dismissed and arrested on corruption charges, sparking speculation about the project's future.
Experts suggest that the digital yuan's failure is due to concerns about its potential to deprive citizens of their right to control their private property and strengthen the government's surveillance over society.
Additionally, the project's goal of internationalizing the renminbi and challenging the US dollar's dominance has been hindered by technical issues and lack of trust in the currency. As a result, the digital yuan's adoption has stalled, and the project is now being seen as one of Xi Jinping's unfinished undertakings.