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Biden s text message revolution
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The invention of the bank note – or ‘paper money’ – can be accredited to the Chinese. The Chinese have now introduced their own digital Yuan, in what The Wall Street Journal describes as ‘a re-imagination of money that could shake a pillar of American power’. While Bitcoin and numerous other cryptocurrencies have previewed the future of digital currencies, China’s digital Yuan will be controlled by their central bank and be issued by them, too. A digital version of an established currency has benefits that cryptocurrencies like Bitcoin are lacking. ‘Cryptocurrencies such as bitcoin have foreshadowed a potential digital future for money, though they exist outside the traditional global financial system and aren’t legal tender like cash issued by governments’, writes James T. Areddy. However, unlike Bitcoin and its anonymity, the digital Yuan is expected to enable the Chinese government to further monitor people and the economy. – Jarryd Neves
POLITICO
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04/06/2021 08:00 AM EDT
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China Creates its Own Digital Currency, a First -2-
04/05/2021 | 09:03am EDT
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Required fields The digital yuan could give those the U.S. seeks to penalize a way to exchange money without U.S. knowledge. Exchanges wouldn t need to use SWIFT, the messaging network that is used in money transfers between commercial banks and that can be monitored by the U.S. government. The chance to weaken the power of American sanctions is central to Beijing s marketing of the digital yuan and to its efforts to internationalize the yuan more generally. Speaking at a forum last month, China s Mr. Mu, the central bank official, repeatedly said the digital yuan is aimed at protecting China s monetary sovereignty, including by offsetting global use of the dollar.
China Overtakes U S as World s Leading Destination for Foreign Direct Investment — 2nd Update
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