Can China crash Bitcoin?

China’s central bank announced all transactions of crypto-currencies illegal, effectively banning digital tokens such as Bitcoin. With the heightened default risk surrounding Evergrade, I see the potential for a widespread contagion and rapid deleveraging that could trigger a flash crash in crypto.

Why is Cryptocurrency popular?

Why are cryptocurrencies so popular? Cryptocurrencies appeal to their supporters for a variety of reasons. Here are some of the most popular: Supporters see cryptocurrencies such as bitcoin as the currency of the future and are racing to buy them now, presumably before they become more valuable.

Could China’s digital currency break the US dollar’s stranglehold?

Hong Kong (CNN Business) China wants to break the US dollar’s stranglehold on the global financial system and gain greater control over how people spend their money. It’s hoping a digital currency could deliver both. After years of preparation, the country began rolling out an ambitious test of a digital version of the yuan earlier this year.

Could China’s Digital Yuan topple the dollar as a reserve currency?

The Biden administration is stepping up scrutiny of China’s plans for a digital yuan, with some officials concerned the move could kick off a long-term bid to topple the dollar as the world’s dominant reserve currency, according to people familiar with the matter.

Is digital currency a threat to the dollar’s centrality?

A recent report from the U.S. Director of National Intelligence said the extent of the threat of any foreign digital currency to the dollar’s centrality in the global financial system “will depend on the regulatory rules that are established.”

What is China’s Digital Currency and why does it matter?

The digital currency is “quite strategic,” he said. Allaire added that it would let authorities more easily track monetary supply — allowing Beijing to tackle issues such as corruption and money laundering. — Reuters, along with CNBC’s Julia Boorstin, contributed to this report.