Thinking About China
Opinion

China’s Yuan Stablecoin: Just Another Tool of Digital Control

China’s Yuan Stablecoin: Just Another Tool of Digital Control
Signage of the Chinese digital currency is seen near a coffee shop in the New Actuation Fintech Center in Beijing on Feb. 17, 2022. Jade Gao/AFP via Getty Images
Antonio Graceffo
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Commentary

China’s push for a yuan-backed stablecoin is less about innovation or global finance and more about extending the digital surveillance and control of the Chinese Communist Party (CCP), making it unlikely to displace the dollar or deliver true financial freedom.

Antonio Graceffo
Antonio Graceffo
Author
Antonio Graceffo, Ph.D., is a China economy analyst who has spent more than 20 years in Asia. Graceffo is a graduate of the Shanghai University of Sport, holds an MBA from Shanghai Jiaotong University, and studied national security at American Military University.