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Subject ALERT!! MSM: Could China’s NEW Digital Currency Unseat the Dollar? American Economic and Geopolitical Power might be at Stake!

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[quote:Digital mix guy:MV80NDExOTM3XzgwMzA2NzE5XzU3ODlDM0M1]
April 28:

State-media outlet China Daily said it had been formally adopted into the cities’ monetary systems, with some government employees and public servants to receive their salaries in the digital currency from May.

Sina News said the currency would be used to subsidise transport in Suzhou, but in Xiong’an the trial primarily focused on food and retail.

A screenshot purported to be of the app required to store and use the digital currency has been circulating since mid-April.

Some reports also claim businesses including McDonald’s and Starbucks have agreed to be part of the trial, however in a statement Starbucks told the Guardian it was not a participant. McDonald’s been contacted for comment.

Digital payment platforms are already widespread in China, namely Alipay, owned by Alibaba’s Ant Financial, and WeChat Pay, owned by Tencent, but they do not replace existing currency.

Xu Yuan, associate professor at Peking University’s national development research institute, told broadcaster CCTV that because cash transactions were offline and transaction data from existing payment platforms was scattered, the central bank was unable to monitor cash flow in real time.

https://www.theguardian.com/world/2020/apr/28/china-starts-major-trial-of-state-run-digital-currency
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Original Message Could China’s Digital Currency Unseat the Dollar? American Economic and Geopolitical Power might be at Stake!

in late April, China reached a significant milestone: after more than five years of research by its central bank, China became the first major economy to conduct a real-world test of a national digital currency. The pilot project, which is occurring in four large Chinese cities, is a clear sign that China is years ahead of the United States in the development of what is likely to become a central component of a digital world economy.

U.S. policymakers are unprepared for the consequences. The advent of digital currencies will degrade the efficacy of U.S. sanctions, limiting the country’s options to respond to national security threats from Iran, North Korea, Russia, and others. It will also hamper the ability of U.S. authorities to track illicit financial flows. And China, meanwhile, will use the combination of its digital yuan and strong electronic-payment platforms (such as Alipay and WeChat) to expand its influence and reinforce its capacity for economic coercion in Africa, the Middle East, and Southeast Asia.
[link to www.foreignaffairs.com (secure)]

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