Tag: yuan

China’s Much-Hyped Digital Yuan Fails to Impress Early Users

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As China moves closer to rolling out the world’s first major sovereign digital currency, speculation over the global implications has reached a fever pitch.

Historian Niall Ferguson is calling the digital yuan a “potentially fatal challenge” to decades of American financial hegemony. Franklin Templeton’s Michael Hasenstab says it could undermine the dollar’s role as the world’s reserve currency. Joe Biden’s White House is studying the potential threat to U.S. interests.

Yet talk to people who’ve actually used the digital yuan in

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GT Voice: Are American politicians disgruntled at digital yuan innovation?

Residents who received “red packets” of digital yuan use the money in stores in Shenzhen, Guangdong Province. Photo: Li Hao/GT

China’s leading position in developing and testing its digital currency, appears to be another source of disgruntlement by politicians in Washington, whose obsession of defending the US dollar hegemony is unlikely to impact China’s current momentum to accelerate digital yuan test and deployment.

Officials from the Biden administration are seriously worried whether China’s digital yuan push will begin to dent the US dollar’s dominant position in cross-border transactions in the long run, and whether the digital yuan would be widely

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U.S. dollar at risk as China races ahead on digital yuan

Hello, China Watchers. Your guest host this week is Emily Parker, a managing director at CoinDesk, a news site specializing in bitcoin and digital currencies, and co-anchor at CoinDesk TV. Emily is a former member of the Policy Planning Staff at the U.S. State Department and a former writer and editor at the Wall Street Journal, where she covered Asia. Her book, “Now I Know Who My Comrades Are,” (FSG) details the impact of the internet in China, Cuba and Russia. She’s also co-founder of LongHash, a blockchain startup that focuses on Asian markets. Over to you, Emily!

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