As the world teeters on the precipice of a digital revolution, Australia finds itself at a crossroads, torn between the siren songs of Beijing and Washington. China’s CBDC expansion, a behemoth of innovation, is reshaping global trade networks, leaving our dear Australia in a bit of a pickle 🤯.
And, of course, who can forget the inimitable Donald Trump, that great sage of finance? His decision to ban a U.S. digital dollar has sent shockwaves through the global financial community, leaving one to wonder if the West is not, in fact, falling behind in the digital currency stakes 🤑. Marina Yue Zhang, an associate professor at the University of Technology Sydney, astutely observes that the U.S. is mired in political debates over digital money, while Europe and the U.K. are desperately seeking a compromise 🤝.
But, dear reader, the numbers don’t lie! Data from the U.S.-based Atlantic Council think tank reveals that as of September 2024, a staggering 134 countries were exploring central bank digital currencies, up from a mere 35 in May 2020 🚀. And, might I add, over 65 countries, including India, Australia, and Brazil, are in advanced stages of CBDC exploration, whether in development, pilot, or launch phases 🚀.
And yet, Australia still has to make any concrete plans for a central bank digital currency, despite its economy being heavily reliant on exports, especially to China 🤔. As Zhang so eloquently puts it, “If China continues to advance CBDC-based trade settlements, Australian exporters could face pressure to adopt Beijing’s financial infrastructure. This would raise concerns about Australia’s economic sovereignty and geopolitical leverage” 🚨.
“If China continues to advance CBDC-based trade settlements, Australian exporters could face pressure to adopt Beijing’s financial infrastructure. This would raise concerns about Australia’s economic sovereignty and geopolitical leverage.”
Marina Yue Zhang
Zhang also notes that Trump’s move could make the gap between the U.S. and its allies even larger when it comes to digital finance 🤯. The shift away from the U.S. dollar has already been gaining momentum since 2022, as many countries are now exploring multi-CBDC platforms to reduce their dependency on Western financial systems 🌎.
“How do multi-CBDC platforms provide emerging economies with an alternative to Western-dominated financial systems? They streamline trade and reduce reliance on traditional financial infrastructure and reserve currencies.”
Marina Yue Zhang
Zhang astutely observes that countries like Russia and Iran were cut off from SWIFT in recent years, but CBDC networks “allow nations to bypass traditional financial infrastructure and reduce reliance on the U.S. dollar in cross-border trade” 🚫. Ah, the sweet taste of digital freedom!
While Western governments are still wary, concerned about government overreach and digital money being used to control transactions, Australia, Zhang points out, still has to find a way to stay ahead in digital finance without getting stuck in global power struggles 🤝. Ah, the eternal conundrum of the digital age!
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2025-02-17 15:36