Franklin Templeton's Michael Hasenstab says it could undermine the dollar's role as the world's reserve currency, according to The Japan Times. Joe Biden's White House is studying the potential threat to U.S. interests. ; Yet talk to people who have actually used the digital yuan in China, and you're more likely to get a different response shrugs of indifference. Historian Niall Ferguson is calling the digital yuan a potentially fatal challenge to decades of American financial hegemony. In Shenzhen, the high-tech metropolis that just extended China's largest digital yuan trial, participants interviewed showed little interest in switching from mobile payment systems run by Ant Group Co. and Tencent Holdings Ltd. that have already replaced cash in much of the country. I'm not at all excited, said Patricia Chen, a 36-year-old who works in the telecom industry and was one of the more than 500,000 people in Shenzhen eligible to take part in the trial. Some balked at the possibility a digital yuan might give authorities easier access to real-time data on their financial lives. (news.financializer.com).
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