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China's Digital Yuan not aimed at challenging US dollar, says former People’s Bank governor

doublelayer Silver badge

No, it's true. It's not intended to replace the dollar. It isn't capable. It's designed to provide China with the ability to know what any citizen has purchased and to cut all money off at the push of a button in case they don't like someone. Also can plug into the social credit score system. It's a tool for maintaining their domestic dictatorship, not impinging on international money transfers.

Their plan for changing international money transfers already started last year. It hasn't started very quickly, but it's their tool for the job. This is unrelated.

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