It Takes a China-like Government to Force Central Bank Digital Currency on People: Former Senate Economist

China’s CBDC is the only one in the world that’s really been widely used, because Chinese government has so much power over citizens.

A sign for China's new digital currency, electronic Chinese yuan (e-CNY) is displayed at a shopping mall in Shanghai, on March 8, 2021. STR/AFP via Getty Images

The widespread implementation of a central bank digital currency (CBDC) would require a degree of government control that’s similar to what the Chinese communist regime has over its citizens, a former chief economist for the Senate Banking Committee says.

“If a government is going to introduce this new electronic currency system, there are only two ways that it would be widely used,” said Thomas Hogan, a senior fellow at pro-free market think tank American Institute for Economic Research in an interview on EpochTV’s “Crossroads.”