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The U.S. is deciding how to respond to China's digital yuan

Wednesday, July 28, 2021

Redesigned American Eagle Gold Coins

Gold last traded at $1,799 an ounce. Silver at $24.72 an ounce.

NEWS SUMMARY: Precious metal prices traded steady Tuesday on a weaker dollar ahead of Fedspeak. U.S. stocks fell ahead of quarterly earnings reports from several megacap technology companies.

CNBC--"China is beating the U.S. when it comes to innovation in online money, posing challenges to the U.S. dollar's status as the de facto monetary reserve. Nearly 80 countries - including China and the U.S. - are in the process of developing a CBDC, or Central Bank Digital Currency. It's a form of money that's regulated but exists entirely online. China has already launched its digital yuan to more than a million Chinese citizens, while the U.S. is still largely focused on research.

The two groups tasked with this research in the U.S., MIT's Digital Currency Initiative and the Federal Reserve Bank of Boston, are parsing out what a digital currency might look like for Americans. Privacy is a major concern, so researchers and analysts are observing China's digital yuan rollout.

'I think that if there is a digital dollar, privacy is going to be a very, very important part of that,' said Neha Narula, director of the Digital Currency Initiative at the MIT Media Lab. 'The United States is pretty different than China.'

Another concern is access. According to the Pew Research Center, 7% of Americans say they don't use the internet. For Black Americans, that rises to 9%, and for Americans over the age of 65, that rises to 25%....

'The digital yuan is the largest threat to the West that we've faced in the last 30, 40 years. It allows China to get their claws into everyone in the West and allows them to export their digital authoritarianism,' said Kyle Bass of Hayman Capital Management."

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