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The global economy is in the early days of digitalizing currencies. Central banks worldwide are either in the infancy period of transitioning to digital money or deliberating digitalization’s pros and cons. After a couple of trials in the post-coronavirus recovery, China is placing its bets on the digital yuan, advancing its scope and reach to become the kingpin of fiat money. But market analysts are only now beginning to show an interest in the virtual yuan, potentially out of fear that it could threaten and undermine the U.S. dollar and inflate its standing among international reserve currencies. Is this a positive step in the diversification of currencies, or will it be more of the same big-government economics? Whatever the case, the red dragon continues to expand its fiery breath across the globe.
In 2014, the People’s Bank of China (PBoC) began studying the creation and implementation of a digital yuan. Six years later, the central bank began rolling out various digital yuan trials in multiple cities with different companies, including McDonald’s, Starbucks, and Subway, participating in the test run. Authorities distributed “red packets” containing 200 yuan ($30), available on a mobile phone or a card. The money appears on a screen with the image of Mao Zedong, resembling physical cash. The digital yuan is programmable, and the government has tested expiration dates, which would be beneficial to stimulate an ailing economy. Overall, it would be an effective totalitarian tool to monitor the economy and the people.
Despite some hiccups, including notable amounts of fraud, officials liked what they saw. Beijing now plans to expand issuance ahead of next year’s Winter Olympics. While several details remain in limbo, the government has stated its objective for the yuan: prevalence and domestic dominance.
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We Often Feel Like David Taking on Giants
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