Some have speculated a digital yuan could strengthen the government’s control over China’s financial system and possibly, eventually, “shift the global balance of economic influence.” According to the article, the launch may also be designed to allow China to compete with private companies holding huge influence over the country’s economy.
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China Plans Expanded Digital Yuan Experiment During Beijing Olympics
The Chinese government has launched a pilot program for its digital currency and has plans for an expanded test during the Beijing Winter Olympics in 2022. So reports Bloomberg.
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