Beautiful Virgin Islands

Tuesday, Jun 03, 2025

Billionaire Kyle Bass: China’s Digital Yuan Should Be Banned in the U.S.

Billionaire Kyle Bass: China’s Digital Yuan Should Be Banned in the U.S.

Kyle Bass, the founder and CIO of Hayman Capital Management warns about the destructive impact that the Chinese CBDC could have on the U.S.
The American billionare hedge fund manager raised a note of caution that the Chinese Government plans to use its new state-controlled digital yuan (CDBC) as an instrument to become a global leader financially. He opined that it would have a devastating impact on the US, and that they should ban it.

In a recent interview, Bass argued that the Chinese digital yuan is a financial tool, which the government intends to employ to gain massive influence over its rival countries. He added that the project would grant a stronger economic position and more financial control to the Asian economic giant.

Bass, who is the founder and CIO of Hayman Capital Management, warned that the Chinese digital currency could cause significant financial damage to the US, if unbanned. He argued:

“I think that we should ban the [Chinese digital] currency and not allow any of it to be handled in the United States. I know that sounds hyperbolic, but if you just think all the way through this, you can’t have a little bit of cancer. You either have cancer, or you don’t have cancer.”

The Chinese government could require companies to adopt the central bank digital currency if they want to invest in the country. Moreover, nations part of China’s Belt and Road initiative (BRI, previously known as One Belt, One Road) could be seduced to employ the digital yuan.

The Chinese Government does not hide its ambitions to be the first major government to launch a central bank digital currency.

For example, at the beginning of 2021, the authorities of the Asian country supplied the residents of Chengdu – the capital of the province of Sichuan – with $4.6 million in the form of the CBDC. The initiative aimed to test the efficiency of the digital yuan.

Last month, the Chinese authorities distributed even a larger amount, but this time to the citizens of Beijing. The residents of the capital received $6.2 million of the digital yuan.

In addition, officials of the Chinese Government plan to expand the scope of its pilot by allowing athletes and foreign visitors at the 2022 Beijing Winter Olympics to use the digital currency:

“For the upcoming Beijing Winter Olympics, we were trying to make e-CNY available not only to domestic users but also to international athletes and like visitors.”

Source: Billionaire Kyle Bass: China’s Digital Yuan Should Be Banned in the U.S. – Fintechs.fi
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
×