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Yawn - the reasons that the RMB is not an international currency has nothing to do with whether it is digital or not, and more to do with convertibility, and the availability of RMB outside of China (e.g. running huge trade surpluses means there is a deficit of RMB outside of China ). China would have to drastically overhaul its economic and political model to address those issues.

On the other hand, the digital RMB does bring significant *domestic* benefits to the CCP. Imagine being able to trace all RMB flows via blockchain to exact people; no more tax evasion, no more criminal proceeds, and staggering control over targeted stimulus (or even cutting off dissidents and criminals from being able to buy anything)

Oct 29, 2021
at
5:18 PM