EDITOR NOTE: There’s a painful predicament that comes with the competition over digital currency adoption and global advancement. You don’t want to fall behind the curve--and the US is doing just that--but the ultimate benefit may only accelerate the factors that lead to economic destruction. The digital yuan has the US government worried for reasons that are all too clear: its international adoption may spell the end of the US dollar as the world’s reserve currency. Yet adopting a digital currency tied to the dollar will merely digitize its debasement and decay stemming from unsustainable debt. So, yes, part of the solution is to go digital, but no digital solution will compensate for “soundness.” The US government refuses to see the value of sound money--that much is clear. The government’s conception of digital dollar innovation will likely choke your financial choices and prospects. It’s up to you to find a sound solution by investing in non-CUSIP gold and silver.
China’s rapid development of its sovereign digital currency, the so-called digital yuan, is causing the United States to worry that it could fall behind in the race for financial technology innovation, analysts said.
The digital yuan is one of the most advanced central bank digital currency (CBDC) initiatives in the world, with the People’s Bank of China having been conducting experiments and proceeding with tests for more than five years.
And its potential success could not only mean a superior representation of central bank money to strengthen China’s domestic economy, but it could also increase international currency competition that could threaten the dominance of the US dollar, analysts added.
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