Business

China’s Digital Currency and Authoritarianism

Written by The Frontier Post

Monitoring Desk

BEIJING: China is the first major economy to develop and implement a central bank digital currency (CBDC). Its CBDC has many names: Digital Currency/Electronic Payment (DCEP), the digital yuan or renminbi, and electronic Chinese yuan (eCNY).

A new video explainer from CNAS explores how Beijing’s CBDC efforts will have critical ramifications for the Chinese Communist Party’s digital authoritarianism. As China is in a national blitz to digitize its entire economy, it is strengthening its hand for domestic social control while also influencing financial technology innovation in the global financial system.

Courtesy: (CNAS)

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