The project of a national digital currency has been in the works in China since 2014, with the People’s Bank of China leading the project.
I’ve been excited about this since the first time I heard about it. More or less, this secures China’s ability to extend a global currency that isn’t based on or supported by the western currencies, which theoretically would pointedly keep the west from using economic sanctions and manipulation of foreign markets. The sinophobes are going to call this “Chinese imperialism” and throw shit at it, but this is a big step towards delousing the world of the west. This also simplifies things for the people who use the currency, as now all they need is either a phone or an account/card, instead of needing physical money, and it’s inherently counterfeit-proof.
I’m obviously biased, but I see very very few downsides for China and their economic partners with this. Where before the US and the EU would just flood regions with USD and manipulate the local economies of imperialized parts of the world, now those countries have a strong protection against coercion from the imperialists. If all goes well, I’d expect we’ll see countries in the imperialized world finally be able to stand strong economically.
Finally, some good fucking news!
This kills the dollar
A place for focusing on all things China - language, history, politics, etc.
1: Stay on-topic
2: Be Comradely
3: No spreading disinfo or racism