China Will Use Its Digital Currency To Compete With The USD

From forbes.com

Amid questions and speculation about China’s new central bank-backed digital currency termed DCEP, one thing remains clear: to the extent that China is working on digital currency, the main benefits would be to replace fiat cash with a layer of traceable digital cash, ingesting another layer of data into the fearsome data machine that powers both government monitoring and the domestic machine learning industry — as well as providing enough credible decentralization so that the RMB could continue a digital ascent to greater internationalization and perhaps challenge the USD’s position as the premier reserve ... (full story)