Is Digital Yuan The Secret Weapon Against the Dollar?
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The East is increasingly unhappy with the US dollar’s dominant role in the global financial system. At the recent BRICS summit, Russia called for a new financial framework that would operate independently of the dollar. Initially, many doubted that other BRICS nations would support this idea. However, cryptocurrency expert Chirag Jetani recently revealed that China has been quietly pursuing a strategy to counter the US dollar’s power for several years. China will kill the US dollar. First, they banned crypto. Then, they secretly invested $1.5 billion & became the 2nd largest Bitcoin mining hub. Here’s their masterplan to take over by 2030: pic.twitter.com/KYg9gl8zS1 — Chirag Jetani $DIAM (@chiragjetani) October 24, 2024 Interested in learning more about China’s plan? Read on! China’s Crypto Plans In 2017, China banned cryptocurrency exchanges and Initial Coin Offerings (ICOs). By 2021, it intensified its crackdown by prohibiting crypto trading and mining. Jetani claims that Chinese investors made almost $1.15 billion in profits in 2023. He believes that these bans are not aimed at destroying the crypto sector but rather at controlling it. In 2019, the Chinese president publicly supported blockchain development, leading to the establishment of over 500 blockchain projects that operate under government supervision today. Jetani highlighted that Alibaba, the Chinese multinational tech company known for its e-commerce and retail ventures, is a global leader in blockchain patents. Why Does the Digital Yuan Matter? Jetani identifies the Digital Yuan, a state-controlled digital currency, as a key tool that China is preparing to use in its challenge against the US dollar. He argues that this digital currency is designed to lessen reliance on US-controlled financial systems. China’s Growing Influence in CBDCs Emphasizing that China’s blockchain supports 35% of the world’s CBDCs, Jetani noted that China could use its blockchain influence to shape the international digital…
Filed under: News - @ October 25, 2024 12:23 pm