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18 January 2021

China is in pole position to dethrone the US as the leading financial power | CryptoSlate

China is in pole position to dethrone the US as the leading financial power | CryptoSlate


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Russia and China are looking to take their existing financial working relation to the next level.

Russia and China also have a currency swap deal, allowing them to sell currencies to one another outside of the global market system. .

China is clearly leading the race when it comes to creating a central bank digital currency, or CBDC.

A successful trial through “red envelopes” has been completed, effectively putting this digital currency in the hands of consumers.

A further sign of how far ahead China is compared to other nations, especially the United States.

I find it baffling how disinterested the United States approaches the concept of digital currencies today.

Making matters worse is how the United States is effectively “aiding” countries such as China to step up the development of their alternative solutions.

Earlier this week, the United States imposed sanctions on Russian and Chinese firms for dealing with Iran’s missile program

A smart decision, on paper, but another push toward a digital yuan, CIPS, and who knows what else in reality

If China managed to break away from the United States and do its own thing -which seems more likely by the day- it will create a template for other nations to follow. 

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