China’s digital yuan displaces the dollar
asiatimes.com
In his annual letter to JP Morgan shareholders, bank chairman Jaime Dimon offered a startling admission: Banks already compete against a large and powerful shadow banking system. And they are facin…

Saw this posted in /r/sino and it got my attention.

I've always been pretty financially illiterate, I just save and invest in an RSP managed by my bank. Could this be a smart buy though? I believe China will continue to prosper and grow and if that is the case, it's state backed crypto should too, no?

    • space_comrade [he/him]
      ·
      4 years ago

      That or they refuse to let go, as all their wealth is tied into the old system.

      Bingo. The west has little direct material value to offer the Global South. Scientific and engineering knowledge is something they can get from China already, the only thing of "value" (and I mean that in the most sarcastic way) the west has are those decrepit financial institutions that are holding all the capital hostage.

    • Leon_Grotsky [comrade/them]
      ·
      4 years ago

      Going forward I expect businesses to all have their own tokens that convert into a standard currency for use within a given supply chain.

      Energy credits are the future, start investing in energy credits now folks.

    • Melon [she/her,they/them]
      ·
      4 years ago

      the entire point of a currency is that it's one of the least speculative assets around

      • Mardoniush [she/her]
        ·
        4 years ago

        Sorry, got my reference frame wrong. I meant USD to the inner core.