Abstract: Over 120 years of Chinese central banking history suggests that China’s central banks and adjacent financial institutions have served primarily as instruments of the state’s development agenda—though that agenda was defined and redefined by the Qing, Nationalist, and Communist regimes. In light of this history, China’s digital currency is bound to be yet another solution to the long-standing Chinese elite agenda of “development politics” and resisting foreign domination. Yes, DCEP will be used to sanction dissidents and allow the CCP to evade US sanctions. But, like predecessor institutions, DCEP’s larger mission will be to raise the technological sophistication of the domestic economy and to guarantee the state’s ability to mobilize these resources. Combined with AI, big data, ubiquitous connectivity, and the almost complete digitization of economic activity, DCEP will allow the Chinese state to see and manage its society and economy to a previously unfathomable degree.
DOWNLOAD: Dollars, Digital Currency, And 120 Years Of Chinese Central Banking.pdf
