mandag 12. april 2021

Buh-Bye, Bitcoin: The PRC (China) Has Launched A Digital Yuan. And It Will Change Everything

Less than three weeks ago, I warned in these pages that Bitcoin buyers were “buying obsolescence” and that the fall – when investors recognized that – would be hard. One of reasons I foresaw was that a better digital currency could displace the Bitcoin (BTC-USD). Little did I realize my prognostication would begin to be realized so quickly. Earlier this week, the Wall Street Journal reported the People's Bank of China, communist (CCP) China’s central bank, unveiled a digital renminbi and encouraged its use by Chinese citizens. 

It is the first digital currency launched by a large economy and is a direct competitor with Bitcoin and other digital currencies. It had been run via small pilot programs in a few pilot cities including Shenzhen, Suzhou, and Chengdu with civil servants getting half their pay in the form of the digital yuan before its formal launch.