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Hedge Fund Founder Calls For Banning Digital Yuan In US

Banning Digital Yuan

Hedge Fund Founder Calls For Banning Digital Yuan In US

Banning Digital Yuan calls by the founder of the hedge fund Hayman Capital Management Kyle Bass. China plans to use DCEP (Digital Currency Electronic Payment) to spread its influence to competing countries, so the US should ban its use. This was stated in an interview with The Epoch Times.

“Imagine a currency that practically has a mind of its own … It knows your account details, your date of birth, your social security number, where you live and what you like to buy. All this knowledge will belong to the Chinese Communist Party. I think it’s a digital Trojan horse, ”Bass said.

According to the billionaire, the digital yuan will not only cause financial damage to the United States but also allow China to take a strong economic position, as well as provide more control over international markets. He compared this instrument to a cancerous tumor:

“I believe we should ban the Chinese digital currency and prevent it from circulating in the United States. I know it sounds like hyperbole, but just think – you can’t get cancer. You either have it or you don’t. In my opinion, we cannot allow US corporations and individuals to transact using central bank digital currency. ”

Bass noted that the PRC government is able to require companies to use the digital yuan if they want to invest in the country. Belt and Road Initiative participants can also be forced to settle in their national digital currency

“Imagine what stifling control they would get over the world if they kept all our capital in this way,” Bass added.

The billionaire often speaks out against China and calls the country an enemy of the United States. Earlier this month, Bass, in a conversation with CNBC, criticized American companies that oppose social injustice in the United States, but do not notice human rights violations in the PRC, while continuing to cooperate with the state.

Recall that in July, China tested the digital yuan with limited use cases. In theory, such a tool allows you to censor transactions.

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