January 24, 2020 at 11:39AM
A digital yuan could allow some countries to avoid U.S. sanctions and increase the Chinese government’s influence, experts told CNBC. The People’s Bank of China is working on a digital yuan but has released very few details about the technology behind it or the timeline of its release.
But experts are concerned about the potential power this could give the Chinese government. Neha Narula, director of the Digital Currency Initiative at the Massachusetts Institute of Technology (MIT), described a simulation that took part in November involving a number of people including Larry Summers and former U.S. Secretary of Defense Ash Carter. It was organized by Harvard Kennedy School’s Belfer Center. Narula was part of the simulation.
The participants simulated a White House National Security Council meeting in response to a major security crisis. One of the situations involved North Korea developing a missile that had the capability to reach the U.S. It was funded by the digital yuan which allowed North Korea to bypass the global banking system and U.S. sanctions.
From: The FxPro News Team https://fxpro.news/daily-forex-outlook/chinas-digital-yuan-could-help-countries-like-north-korea-evade-us-sanctions-experts-say-20200124/
Selected by fonecable.com
Search Web: China’s digital yuan could help countries like North Korea evade US sanctions, experts say
- NEWS: European indices end the session lower but off lowest levels February 21, 2020 at 04:51PM
- NEWS: USDCHF retraces back toward swing area/100 bar MA on the 4-hour chart February 21, 2020 at 04:41PM
- NEWS: Saudi Arabia energy minister: WSJ story on cuts of output is “absurd and utter nonsense” February 21, 2020 at 04:23PM
- NEWS: New York Fed Nowcast rises to 2% from 1.4% this week February 21, 2020 at 04:22PM
- NEWS: USDCAD tests 200 day MA for third day in a row February 21, 2020 at 04:07PM
Top Posts & Pages
- NEWS: ForexLive European FX news wrap: USD/JPY hits nine-month high February 19, 2020 at 12:42PM
- NEWS: Japan CPI data from earlier - strip out the sales tax and core was 0.4% only February 21, 2020 at 03:01AM
- NEWS: Canada Teranet new house price index for January 0.1% versus 0.2% last month February 20, 2020 at 01:33PM
- GBP Charts
- GBP/USD (Mobile View)
- NEWS: BOJ's Kuroda: BOJ will examine ways to end ETF buying when inflation approaches its target February 21, 2020 at 03:15AM
- NEWS: ANZ note AUD/USD is 4 cents under fair value model February 21, 2020 at 04:11AM
- NEWS: All foreigners in North Korea are quarantined until March 1 February 21, 2020 at 04:18AM
- NEWS: Coronavirus has halted most China-Europe freight trains February 21, 2020 at 01:23AM
- NEWS: China Commerce Ministry says expects foreign firms in most places in China will resume production by end-February February 21, 2020 at 02:39AM