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'Chinese Invented Paper Money and They Will End It'- Brazil’s Far-Left Praises Digital Yuan – Finance Bitcoin News
Digital currencies, those issued by central banks in particular, have been commended for their “disruptive nature.” The praise comes from a publication associated with one of Brazil’s far-left parties. A recently published article claims that CBDCs such as China’s digital yuan can radically change global finances and government policies.
Digital Yuan to Do Away With America’s ‘Exorbitant Privilege’
Vermelho, a news portal linked to the Communist Party of Brazil, points out that the People’s Republic is the world’s first major economy to create its own coin. State-issued digital currencies are not like the present day “electronic money” as they won’t require the intermediation of commercial banks, the leftist outlet argues. The central bank itself will perform this role, unlike “private” cryptocurrencies such as bitcoin where no authority can oversee transactions or control circulation.
Central bank digital currencies (CBDCs) will provide for an immediate relationship between the monetary policy regulator and the public. Governments, Vermelho notes, will be able to directly transfer money to their citizens, either in the form of emergency aid, like during the Covid crisis or as part of regular minimum income programs.
The article also implies that the main impact of such currencies may actually be geopolitical, elaborating that the digital yuan can put an end to the “exorbitant privilege” of the U.S. and the global dominance of the dollar.
www.newsworldexpress.com/2021/05/25/chinese-invented-pape...
'Chinese Invented Paper Money and They Will End It'- Brazil’s Far-Left Praises Digital Yuan – Finance Bitcoin News
Digital currencies, those issued by central banks in particular, have been commended for their “disruptive nature.” The praise comes from a publication associated with one of Brazil’s far-left parties. A recently published article claims that CBDCs such as China’s digital yuan can radically change global finances and government policies.
Digital Yuan to Do Away With America’s ‘Exorbitant Privilege’
Vermelho, a news portal linked to the Communist Party of Brazil, points out that the People’s Republic is the world’s first major economy to create its own coin. State-issued digital currencies are not like the present day “electronic money” as they won’t require the intermediation of commercial banks, the leftist outlet argues. The central bank itself will perform this role, unlike “private” cryptocurrencies such as bitcoin where no authority can oversee transactions or control circulation.
Central bank digital currencies (CBDCs) will provide for an immediate relationship between the monetary policy regulator and the public. Governments, Vermelho notes, will be able to directly transfer money to their citizens, either in the form of emergency aid, like during the Covid crisis or as part of regular minimum income programs.
The article also implies that the main impact of such currencies may actually be geopolitical, elaborating that the digital yuan can put an end to the “exorbitant privilege” of the U.S. and the global dominance of the dollar.
www.newsworldexpress.com/2021/05/25/chinese-invented-pape...