3 years ago

115

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Beijing is pushing a unique financial campaign: urging Chinese citizens and businesses to start using digital currency across the nation. And once that's done, it has plans to promote that digital currency worldwide, eventually looking to achieve international use.

But why go through all the trouble?

It may be part of Beijing's long game to challenge the U.S. dollar as the most-used in the world.

Kyle Bass, founder and principal at Hayman Capital Management, said, "I believe that the adoption of their central bank digital currency is cancerous to the west ... I think legislators and/or the Fed should simply outlaw the ownership of the Chinese central bank digital currency in America—and Europe and the UK, for that matter. Those same legislative bodies need to get together and do that, or it's going to be too late."

But China's digital yuan boasts a few key differences from other currencies—like being issued by a state-controlled central bank.

But what could a widespread transition to financial cyberspace mean for Chinese society?

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