China s digital yuan will not topple the dollar, SEC official says
Reuters | Apr 29, 2021 09:12 PM EDT
Commissioner Hester Peirce participates in a U.S Securities and Exchange Commission open meeting to propose changing its decades-old definition of an accredited investor (Photo : REUTERS/Erin Scott)
China s planned digital yuan will not dethrone the dollar, a top Securities and Exchange Commission official said on Thursday, citing the growth of so-called stablecoins backed by the greenback.
The world s biggest central banks, including the People s Bank of China and U.S. Federal Reserve, are stepping up work on issuing digital cash, eyeing improvements to payment systems and looking to pre-empt the rise of cryptocurrencies.
The article was subsequently shared on Chinese social media, briefly became a matter of discussion, and was promptly restricted/ taken down by the platforms. This episode reveals a lot about the changing nature of CCP s internal politics, and the growing intolerance of Xi Jinping s dictatorship. Let s consider a few points of note.Why