Beijing didn¡¯t take Mark Zuckerberg lightly when he came up with his grand idea of a world currency, one that could meet the ¡°daily financial needs of billions of people.¡± Nor is it ignoring the current buildup of excitement around stablecoin regulation in the U.S.
China¡¯s powerful e-commerce firms and Hong Kong¡¯s financial chops have prepared it well against the upcoming tsunami of digital dollars.
The Facebook founder¡¯s 2019 Libra blockchain (renamed Diem) threatened to unleash a similar wave of dollarization, in which the greenback ¡ª or a synthetic payment unit dominated by it ¡ª would supplant local currencies.
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