The Great Retreat: Beijing's Digital Currency Ambitions Are Faltering [zero hedge]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: zero hedge
The Great Retreat: Beijing's Digital Currency Ambitions Are Faltering Authored by James Gorrie via The Epoch Times (emphasis ours), For years, the Chinese Communist Party (CCP) has positioned the digital yuan (e-CNY) as the ultimate weapon of financial totalitarianism . It was intended to be the crowning achievement of the surveillance state. With a programmable, traceable digital currency, Beijing thought it would finally break the back of private payment giants like Alipay and WeChat Pay. Signage of the Chinese digital currency is seen near a coffee store in the New Actuation Fintech Center in Beijing on Feb. 17, 2022. Jade Gao/AFP via Getty Images Yet, despite having total control over the levers of the domestic economy, Beijing’s digital dream is showing signs of terminal fatigue. Since its debut at the 2022 Winter Olympics, the e-CNY has gone from an aggressive, potential retail juggernaut to a low-public-appeal tool for state administration. In short, nobody really wants it. The
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