Is China's Digital Currency a National Security Threat? What You Need to Know
Imagine a currency that can expire, or that the government can require citizens to use only for specific purchases. Imagine no further because that is the power the Chinese government holds through its newly tested digital currency.\xa0\nChina's digital currency is backed by China's central bank, but unlike traditional bank accounts, users cannot withdraw physical cash. The Chinese government has the power to direct the way users spend the money or how quickly they spend it because the currency is fully digitalized. The money is accessible through an app on users' phones.\n\u201cI think it's very likely that the Chinese will push into place a digital currency that will first partner with, and eventually probably supplant, paper money,\u201d Dean Cheng, a senior research fellow in the Asian Studies Center at The Heritage Foundation, tells The Daily Signal.\xa0\nThere are serious national security and global economic concerns should China choose to embrace a fully digital currency, Cheng says.\xa0\nCheng joins "The Daily Signal Podcast" to explain how China\u2019s digital currency works in practice and how it could affect global economic markets.\xa0\nWe also cover these stories:\n\nThe Supreme Court announces it will hear arguments in a case challenging the abortion precedent set by Roe v. Wade.\xa0\n\nThe popular social media app Parler is back in the Apple App Store.\xa0\n\nTarget, Walmart, Starbucks, CVS, and other businesses announce an end to mask requirements for customers.\xa0\n\nEnjoy the show!\n Hosted on Acast. See acast.com/privacy for more information.