China's Digital Yuan vs Bitcoin - Decrypt
Our synopsis and comments:
In response to the growing acceptance of Bitcoin and other cryptocurrencies as a medium of exchange and an asset class for investment, governments around the world have been studying the use of their own national currencies as government backed digital currencies on a blockchain widely now known as Central Bank Digital Currencies (CBDC).
However, since governments need to have a control of the CBDCs, they cannot issue these currencies on a permissionless blockchain. Thus we can expect all CBDCs to be issued on a permissioned blockchain.
There has been wide speculations on China's motive to rush through its own CBDC well in advance of the other major economies. These speculations are not without any merit given China's ambitions and past conduct.
In fact, China has already been testing its CBDC for sometime now and plans to have a major roll-out during the Beijing Winter Olympics to be held in Feb, 2022.
China is preparing to roll out its digital yuan during the Beijing 2022 Winter Olympics. Image: ShutterstockGovernments and the world at large, will have no reason to be cautious and jealous of the rise of China as a hegemon provided it is a benevolent hegemon. Sadly China's conduct, thus far, on both domestic and international front has been anything but benevolent. Given such conduct, it is not surprising why countries around the world are waking up to the threat being posed by China's rise.
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China's Digital Yuan vs Bitcoin
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