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
Commentary
China’s push for a yuan-backed stablecoin is less about innovation or global finance and more about extending the Chinese Communist Party’s (CCP’s) digital surveillance and control, making it unlikely to displace the dollar or deliver true financial freedom.
