About the China’s new digital yuan. Good explanation…
Scary stuff… and I thought shady UPI apps were bad enough. Especially hate the idea of cash which expires, just like the reward points in my credit card.
I don’t really believe the last part about the yuan taking over USD for international transactions… which country would start using Chinese money which is tightly controlled by a theocracy over the USD which atleast has some democratic process behind it.
I guess democracy is overrated.
However, the US government has significant oversight on both institutions. Meaning if they wanted to freeze assets of some dictator in Africa, they could do it so long as the dictator relies on these very same institutions.
any country won’t… but shady people just as example given in article explains will use it…
In the given example, the African dictator is using SWIFT, which is adopted by many countries… you can’t use it if the receiving country doesn’t accept it.