China is ready to roll out 1rst major centrally backed cryptocurrency. We are way behind & this is a

I can think of about 100 things that are greater threats to our ‘economic perch’ than this.

All transactions will be tracked and processed by them...they have basically created a PRC Diners Club Card for the Yuan.

I can't wait until they get hacked. I hope the NSA is working on this as we speak.

If the US implements something like this, I do wonder whether it could destroy a substantial portion of the business of VISA and MasterCard. It certainly could transfer a lot more control on what can be purchased from private hands to government hands, since the Fed might be able to code transaction controls or otherwise halt unapproved purchase (or make it even easier to cease assets).

This does have to be carefully done by the US, if at all. There are existential implications for general freedoms...which, no doubt, China understands. But, we US citizens are more and more willing to surrender privacy for convenience. Which makes me believe that we are headed to a Brave New World dystopia instead of a 1984 dystopia.

--and the use of SWIFT as a weapon by the United States. What country is going to keep assets in US Dollars if they can be stolen or frozen at the whim of the US Govt? Numerous countries including the BRICS are formulating bilateral agreements to circumvent SWIFT and as they do the need to hold assets in dollars will continue to diminish.

Several countries have rolled them out and we're 1 of about another 80 or 90 that are in the development process. A report from the Fed about this was just recently released.

IIRC, China has also banned other forms of crypto which has allowed us to make up or even surpass them in mining and other areas.