China plans to use DCEP to spread its influence over rival countries, and therefore the United States should ban its use. This was stated by Hayman Capital Management founder Kyle Bass in an interview with The Epoch Times.
“#China is so good at…exploiting every crack, every nook, every cranny of opportunity…They take our openness & they exploit it.”
Tonight, @Jkylebass on the threat of #China‘s digital currency & how the #CCP could coerce nations to adopt it. @EpochTVushttps://t.co/omGhxrNOAm
— American Thought Leaders 🇺🇸 with @JanJekielek (@AmThoughtLeader) July 10, 2021
“Imagine a currency that practically has its own mind… It knows the data of your account, your date of birth, your Social Security number, where you live and what you love to buy. All this knowledge will belong to the Communist Party of China. […] I think this is a digital Trojan horse,” Bass said.
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According to the billionaire, the digital yuan would not only inflict financial damage on the United States, but also enable China to seize a strong economic position and exert greater control over international markets. He compared this instrument to a cancerous tumor:
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“I believe we should ban [the Chinese digital] currency and not allow its circulation in the United States. I know this sounds hyperbolic, but just think — you can’t catch cancer. You either have it, or you don’t. In my opinion, we cannot allow American corporations and individuals to transact using the central bank digital currency.”
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Bass noted that the government of the PRC is able to require companies to use the digital yuan if they wish to invest in the country. Participants in the Belt and Road Initiative «Один пояс и один путь» may also be forced to settle in the national digital currency.
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“Imagine the crushing control they would gain over the world if they held all our capital in this way”, — Bass added.
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The billionaire is often outspoken against China and calls the country an enemy of the United States. Earlier this month, Bass, in an interview with CNBC, criticized American companies that advocate for social justice in the United States but overlook human rights abuses in the PRC, while continuing to cooperate with the state.
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In July, China tested the digital yuan with limited use cases. In theory, such an instrument allows for censoring transactions.
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