{"id":4174,"date":"2021-07-02T06:00:37","date_gmt":"2021-07-02T10:00:37","guid":{"rendered":"https:\/\/eddiejones.org\/?p=4174"},"modified":"2022-12-28T12:58:17","modified_gmt":"2022-12-28T17:58:17","slug":"look-for-china-to-be-the-leader-in-the-future-of-money","status":"publish","type":"post","link":"https:\/\/eddiejones.org\/look-for-china-to-be-the-leader-in-the-future-of-money\/","title":{"rendered":"Look for China to Be the Leader in the Future of Money"},"content":{"rendered":"\r\n<figure class=\"wp-block-image size-large is-style-rounded\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"425\" class=\"wp-image-4175\" src=\"https:\/\/eddiejones.org\/wp-content\/uploads\/2021\/07\/Look-for-China-to-Be-the-Leader-in-the-Future-of-Money.jpeg\" alt=\"Look for China to Be the Leader in the Future of Money\" srcset=\"https:\/\/eddiejones.org\/wp-content\/uploads\/2021\/07\/Look-for-China-to-Be-the-Leader-in-the-Future-of-Money.jpeg 640w, https:\/\/eddiejones.org\/wp-content\/uploads\/2021\/07\/Look-for-China-to-Be-the-Leader-in-the-Future-of-Money-200x133.jpeg 200w, https:\/\/eddiejones.org\/wp-content\/uploads\/2021\/07\/Look-for-China-to-Be-the-Leader-in-the-Future-of-Money-100x66.jpeg 100w, https:\/\/eddiejones.org\/wp-content\/uploads\/2021\/07\/Look-for-China-to-Be-the-Leader-in-the-Future-of-Money-518x344.jpeg 518w, https:\/\/eddiejones.org\/wp-content\/uploads\/2021\/07\/Look-for-China-to-Be-the-Leader-in-the-Future-of-Money-250x166.jpeg 250w, https:\/\/eddiejones.org\/wp-content\/uploads\/2021\/07\/Look-for-China-to-Be-the-Leader-in-the-Future-of-Money-82x54.jpeg 82w, https:\/\/eddiejones.org\/wp-content\/uploads\/2021\/07\/Look-for-China-to-Be-the-Leader-in-the-Future-of-Money-600x398.jpeg 600w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><\/figure>\r\n\r\n<p>&#8220;<a href=\"https:\/\/www.asiamoney.com\/article\/28mqwgmdrvu900b30it4w\/northeast-asia\/china-races-ahead-with-digital-currency\" target=\"_blank\" rel=\"noopener\">While the US Federal Reserve, the European Central Bank and Bank of Japan &#8216;study&#8217; the mechanics of issuing a new form of cash, China has pulled ahead and has been testing its digital Yuan since April 2020.<\/a>&#8221; &#8211; AsiaMoney<\/p>\r\n<p>China comes at digital currency without the promise of anonymity but from the over-reaching surveillance of state-run accounts. Global chief investment officer at Deutsche Bank, Christian Nolting, wrote in a report on crypto-currencies published in April: China &#8220;could complement, or displace, increasingly widely used private-sector crypto-currencies.&#8221;<\/p>\r\n<p>In other words, Bitcoin, Ethereum, Tether, and Binance Coin, would remain fringe players while China&#8217;s Yuan dominates global currencies.<\/p>\r\n<p>Former CIA analyst Yaya Fanusie, now a digital currency expert and an adjunct senior fellow at the Center for a New American Security, points to the recent example of Swedish fashion retailer as an example of how China might deal with those who step out of line. When H&amp;M expressed concern over China&#8217;s use of forced labour in cotton production in the Xinjiang region, <a href=\"https:\/\/www.npr.org\/2021\/03\/25\/981113024\/china-retaliates-against-clothing-brands-after-western-sanctions\" target=\"_blank\" rel=\"noopener\">China pulled H&amp;M products from their sites and mobile apps. NPR reported<\/a>, &#8220;Two Chinese celebrities have already severed deals with the Swedish brand. Chinese state media outlets are now calling out other Western clothing brands \u2014 including Nike<strong>,<\/strong> New Balance and Burberry \u2014 for not using Xinjiang cotton. &#8216;Pure and flawless Xinjiang cotton cannot allow any forces to smear or blacken it,&#8217; a Chinese commerce ministry spokesperson said.&#8221;<\/p>\r\n<p>But former director of the digital currency institute at the <a href=\"https:\/\/cointelegraph.com\/news\/digital-yuan-conceived-to-counter-alipay-like-platforms-says-former-pboc-executive\" target=\"_blank\" rel=\"noopener\">People\u2019s Bank of China, Yao Qian<\/a>, claims surveillance is not the intent a digital Yuan. At the International Finance Forum in Beijing on May 30, Bloomberg news reported that Yao told a panel, \u201cHelping the government see all transactions in real time was not the intention of the Chinese central bank.\u201d<\/p>\r\n<p>Still, data and information would be accessible in real time. Each transaction would reveal the location of the account holder and their purchase. We do not need a <a href=\"https:\/\/en.wikipedia.org\/wiki\/Left_Behind\" target=\"_blank\" rel=\"noopener\">Jerry Jenkins \/ Tim Lahaye novel series<\/a> to envision how this might play out on a world stage.<\/p>","protected":false},"excerpt":{"rendered":"<p>&#8220;While the US Federal Reserve, the European Central Bank and Bank of Japan &#8216;study&#8217; the mechanics of issuing a new form of cash, China has pulled ahead and has been testing its digital Yuan since April 2020.&#8221; &#8211; AsiaMoney China comes at digital currency without the promise of anonymity but from the over-reaching surveillance of [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":4175,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1156],"tags":[1157,820,1160,1159,1158,1161],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Look for China to Be the Leader in the Future of Money - 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