A new Cold War is dawning. While the first Cold War was dominated by the threat of nuclear conflict, the new front is economic and financial. Who controls its future will help determine the outcome of the geopolitical struggle between China and the United States.
Since the end of World War II, the US dollar has been the global reserve currency, ensuring American dominance of the world economy. But not anymore. More than a hundred countries are developing central bank digital currencies (CBDCs), digital currencies that are equivalent to cash and that could completely transform the way we do business at home and abroad.
China has been the first country to recognize the potential of this new currency: as a tool to ‘de-dollarize’ the developing world at the speed of light. When Chinese President Xi Jinping officially launched the digital yuan in February 2022, he also agreed to an ‘unlimited cooperation’ agreement with Russia. Within days, Russia launched its war on Ukraine, knowing it could sell its oil despite US sanctions.
Urgent, clear-eyed and groundbreaking, Smart Money shows us how CBDCs will affect all of our futures in ways that many of us have failed to consider.
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