Thursday, May 7, 2020

More on Digital Currency

Libra Digital Coin of Facebook vs Yuan Sovereign Digital Currency.  China has been researching digital currency since 2014.
This is an excerpt from the article discussing the situation:

The People’s Bank of China has also said an official digital currency will safeguard foreign exchange sovereignty and boost global use of the yuan. The yuan makes up just 2 percent of global payments and reserves. Last year, nearly 90 percent of international transactions were in U.S. dollars, and about 60 percent of all foreign exchange reserves in the world are in U.S. dollars, allowing the U.S. power over the global financial system and muscle to enforce sanctions.

DC/EP’s goal is to replace some of the cash in circulation Jiang, Central Bank of China (0176), marked as public domainPic. Central Bank of China

Facebook announces Libra cryptocurrency and Calibra digital wallet ...Pic. Libra Eco-System

Facebook, Libra, and the Long Game – Stratechery by Ben ThompsonPic. The Game


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