Since 2014, China has been planning and developing a digital currency. The Chinese government is setting the pace in the development of the first national digital currency and this is set to have global ramifications. The introduction of the digital yuan while not gold backed represents a significant stride forward in China's efforts to dominate the blockchain industry and avoid the prospect of the middle income trap.
Undoubtedly, it is a move which other governments will seek to imitate. Yet, the ability to use such a system to exert ever greater authoritarian influence over Chinese citizens is profound.
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DISCLAIMER: Any advice given on my channel and videos is for information purposes only, and does not act as financial advice. Your financial decisions are your full responsibility, and if you are in any doubt, please contact a financial professional before undertaking any investment with your money or change to your financial activities.
