China's push for the digital yuan could drive up demand for cryptos, analyst says [MSNBC.com]
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Source: MSNBC.com
A digital Chinese currency red packet is seen on a mobile phone in an arranged photograph as Chengdu city starts to distribute 200,000 E-CNY 'red packets' worth 40 million yuan on February 24, 2021 in Yichang, Hubei Province of China.VCG | Visual China Group | Getty ImagesChina's absolute control over its digital currency will drive more demand for cryptocurrency, according to Boris Schlossberg, managing director of FX Strategy for BK Asset Management.Such "absolute power" over the wealth and income of its citizens is the "primary driver" for China to develop its digital currency," he said in a note on Wednesday."The digital yuan is both programmable and trackable giving the Chinese government enormous control over the economy. Not only will Chinese policymakers know every consumer choice made in the economy, but they could also directly affect spending behavior by making the currency expirable by a certain date," he wrote.But it may put off users who prefer the anonymity of cryptocur
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