Beijing’s new digital currency is a tool that could prop up authoritarian regimes around the world, including China, and the Chinese paperless money could also undermine U.S. leadership in finance, warned a global finance professional.
“This is a surveillance tool and it’s disguised as a payment mechanism. It’s going to allow the People’s Bank of China (PBOC), their central bank to look into, peer into everyone’s purchasing history,” said Erik Bethel, who once served as the U.S. representative to the World Bank.
