(FinancialHealth.net) – In 2019, the financial world started buzzing with the rumor China, the European Union and Russia wanted to move away from the US dollar. According to experts, the countries want to undercut America’s importance. Now, China is making waves by testing the first official digital currency.
For decades, the US dollar has been the major reserve currency across the world, says CNBC. It’s always been a pretty safe investment. Countries like China, however, want to undermine it because they don’t like being subjected to American jurisdiction when they use the currency.
On April 28, The Guardian reported China’s Central Bank planned to begin testing their digital currency in May. The first trials would take place in areas that’ll host some of the 2022 Beijing Winter Olympics: Xiong’an, Chengdu, Shenzhen and Suzhou.
China’s digital currency is coming much quicker than we expected. It means a total control of its currency for the Chinese government and possibly will reshape the global currency market. Not a bright future https://t.co/4EFYOyIOk7
— Jack Skywalker (@jackjskywalker) May 4, 2020
On the surface, the Chinese testing their currency in their own country doesn’t seem like a big deal. When you consider their desire to undermine the dollar, and the way they handled the COVID-19 pandemic, the moves don’t feel as innocent.
Will the communist government attempt to flood the market with their digital currency? Is it an attempt by the country’s officials to take control of not just money, but people? Those are the questions that could keep a person up at night.
~Here’s to Your Financial Health!
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