According to a Bloomberg report, officials at numerous government departments, Treasury, State Department, Pentagon and National Security Council, are getting up to speed on a digital yuan central bank digital currency’s (CBDC) possible implications.
“American officials are less worried about an immediate challenge to the current structure of the global financial system, but are eager to understand how the digital yuan will be distributed, and whether it could also be used to work around U.S. sanctions, the people said on the condition of anonymity,” said the Bloomberg report.
Payment messaging system SWIFT has effectively become a tool to impose sanctions. Hence the desire by countries such as China and Russia to reduce dependence on it.
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