Hayman Capital Management founder Kyle Bass warned that the digital yuan's position could ruin the financial sector in the United States (US), and it would not be an exaggeration if the digital assets could 'pull' stronger economic powers and have more control over Asian superpowers.
Clearly, the digital yuan is in line with the nature of the communist regime where it is impossible to have access to personal data such as social security numbers and addresses of users.
The Chinese government is also able to bring influence to some firms to implement the digital yuan if they want to invest in the country.
Moreover, it is not impossible that the digital yuan is also implemented in the strategic economic agenda known as One Belt, One Road (OBOR).
This is not the first time the US has expressed concern over the rapid development of the digital yuan.
In April, the U.S. administration began focusing on the digital yuan’s threat to the dollar following the establishment of the electronic digital currency payment system (DCEP), involving China’s largest national bank.
China is still continuing its efforts to sustain digital yuan receipts nationwide. Records in early June showed about $ 6.2 billion yuan of digital had been distributed nationwide.
Recently China has launched a digital yuan trial for LRT transportation and a payroll system in digital yuan.
The next phase of digital yuan giving is expected to be during the 2022 Beijing Winter Olympics, involving domestic consumers, including visitors and teams of international athletes.
