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Home Business & Finance The US election seals China's victory in digital currency supremacy

The US election seals China’s victory in digital currency supremacy

Document Analysis NLP IA

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4:42
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neutral
sentiment

Sentiment0.071715620102717
objective
redaction

Subjectivity0.30434568418439
probably it's an affirmation
Affirmation0.41515151515152

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Summary (IA Generated)

The world is engaging in financial warfare, and China is winning.

China’s digital yuan — also referred to as Digital Currency Electronic Payment, or DCEP — will soon be used around the world.

The People’s Bank of China is one of the most advanced central banks in the world.

For that reason, it has been advancing on the digital currency front, while by all appearances, the United States Federal Reserve has not.

Joe Biden has not outlined a clear technology policy, let alone a digital currency policy.

That will assure China the opportunity to increase its lead in the digital currency race.

Back in 2015, as a vice president, Biden once made a toast to China:.

”.

In 1979, Biden traveled to China as a junior senator after President Richard Nixon normalized relations between the U.

“I believed in 1979 and said so and I believe now that a rising China is a positive development, not only for the people of China but for the United States and the world as a whole.

In the meantime, China marches forward, rolling out the world’s first digital currency.

In addition, Biden has long ties with China and has long been a proponent of its industrialization and growth into a world leader.

When asked by a National Public Radio journalist if he as president would keep Trump’s tariffs on China, Biden shot back with a resounding “No.

The Chinese yuan via the DCEP will become the dominant global currency.

DCEP won’t only be successful because of the forward-thinking PBoC but also thanks to the fact that over 12 million Chinese people live outside of China — in fact, 2.

They could adopt the digital currency and spread the yuan globally.

With their help, the Chinese yuan can become an international currency.

If the Chinese yuan is used by such individuals throughout the world, the Chinese currency can surmount U.

Related: Central bank digital currencies are dead in the water.

While the Federal Reserve has experimented with distributed ledger platforms to understand their potential benefits and tradeoffs, it has apparently not made a definitive decision to adopt such a currency.

S.

government is not particularly concerned with speed when it comes to developing a central bank digital currency.

Powell suggested that building a CBDC correctly was more important than winning the digital currency race.

‘They’re talking about, like, maybe we’ll build one in the next couple of years,’ Pompliano said of Powell’s recent comments on CBDCs.

‘.

Pompliano said accessibility to a digital fiat currency will determine the winner on this new fintech frontier.

‘If I’m sitting somewhere in the world and I can use the internet connection and I want a global currency, can I get a yuan, or can I get the dollar?’.


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