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China CBDC will be a cancer for US capitalism, says Kyle Bass

Digital yuan

TL;DR Breakdown

  • American billionaire Kyle Bass worried about China CBDC, says it is bad for US
  • Kyle believes the Digital Yuan is communist, and against the US capitalist ideology
  • China continues to lead global race in CBDC launch

Kyle Bass, an American billionaire, founder, and CIO of Hayman Capital Management, has warned the US that the China CBDC could have a destructive impact on the US.

He alleged that the communist administration in China is set out to use the digital Yuan (China CBDC) to spread its totalitarianism across the globe. Kyle warned that these actions would have bad effects on the US and called on the US government to ban the digital yuan if they come into fruition by China.

China CBDC would undermine US capitalism

Firstly, the billionaire described the yet-to-launch China CBDC as a tool of oppression, stating that China will use it to gain massive influence over rival countries. Kyle said the digital yuan will grant a stronger economic position and more control to the Asian superpower.

Speaking further, he called it cancer that would plague the States if the US does not ban it.

“I think that we should ban the (Chinese digital) currency and not allow any of it to be handled in the United States. I know that sounds hyperbolic, but if you just think all the way through this, you can’t have a little bit of cancer. You either have cancer, or you don’t have cancer.”

With the US being a capitalist country, Kyle states that the China CBDC fits into the nature of a communist regime.

China remains Numero Uno in CBDC race

The Asian country continues to be the leading horse globally to launch its CBDC. In the beginning of the year, China began testing the currency by supplying residents in Sichuan with $4.6 million in the form of the CBDC. The initiative aimed to test the efficiency of the digital yuan.

They have kept on distributing the digital currency to Chinese residence to ensure by the time it is fully launched, there are no issues operating the digital currency both technology-wise and economic-wise.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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