In this sense, the final coup for the US dollar collapse may arrive sooner than it was previously thought. Additionally, a recent IMF assessment indicated that China has already overtaken the US as the world’s largest economy. That’s why today we will explore the implications of the latest Chinese actions that will likely sunken the US economy further down, while China becomes the new supreme global superpower. So keep tuned, and please don’t forget to give this video a thumbs up, share it with friends, and subscribe to our channel if you haven’t already.
The Chinese government has been making a concerted attempt to internationalize the yuan for years now, and their main goal has always been openly declared: to challenge the dollar for monetary dominance in international transactions. So far, the western superpower has taken several steps to prompt yuan use as the central bank’s reserve currency and support its enaction in international trade. Right now, the nation is on the verge to become the first major country to develop a sovereign digital currency, which is being perceived as a technologically superior form of money.
Beijing’s actions and public statements presenting its target to unseat the dollar have sparked debates that reference the Chinese efforts to internationalize the Chinese yuan.
According to Forbes’ economic strategist Steven Ehrlich, this situation points to a different type of struggle between the two superpowers to define who will be crowned with the title of owner to the most impotent currency. In a recent article, the expert suggests that China is waging a digital currency insurgency in the global financial system and, specifically directed to affect the primacy of the dollar.
The western country has also been the front-runner of the central bank’s digital currencies with the development of its “digital yuan”, which will soon become the first sovereign digital currency issued by a superpower economy. The release date for the digital currency hasn’t been confirmed yet, but the government is hinting that it will be out very soon.
In addition, the digital yuan has made substantial strides. For example, since October 5, it has been used for transactions worth more than 1.1 billion yuan, which configures roughly $162 million, as part of a series of pilot programs underway across the country. In one of the most recent tests, Shenzen authorities will donate $30 worth of the digital currency to residents through a lottery program for use at nearly 4,000 merchants in a local district.
The expert notes that this is important for many different reasons. First, a successful launch will further enhance China’s reputation as a global leader in financial technology, achieved through the global expansion of chief technology platforms such as Alibaba. With the digital yuan, the country is attempting to push its progress to a whole new level by developing a technologically superior form of money.
Second, the possible benefits that would arise from the extensive use of their digital currency, such as better control over the economy and more targeted stimulus measures, will strengthen your economy as it recovers from the disturbances boosted by the sanitary outbreak. Lastly, after concluding these two initial steps, they would have the power to largely discredit the United States, while expanding China’s global footprint.
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