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IPFS News Link • Currencies

China's Digital Yuan, Biggest Threat To The West, Is Overshadowed By Russian War, Kyle Bass Warn

• by Frank Fang

"It is, I think, the single largest threat to the West in the last 50 years. And it's being overshadowed by the Russian invasion of Ukraine," Bass said during a recent interview on EpochTV's "American Thought Leaders" program.

The Chinese digital currency, variously known as the digital yuan, digital renminbi, e-CYN, and e-yuan—is currently being developed by the Chinese regime through its central bank. Since the e-yuan is backed by the People's Bank of China (PBOC), it is a central bank digital currency (CBDC) or simply the digital version of China's fiat currency.

So far, pilot tests of the e-yuan are being carried out in more than 20 different Chinese cities and the money was made available to visiting foreigners through a mobile app for the first time during the 2022 Beijing Winter Olympics.

"This isn't a simple digital payment app. This is an app that tracks where you are, what your name is, what your social security number is, [and] what all of your identifiers are. It has the geo-locating ability," he explained.

Bass explained once the Chinese digital money is fully-developed and is made available to everyone outside of China, the Chinese regime could seek out certain e-yuan users, such as those in financial trouble, and corrupt them.