new state-run digital currency and payments systems are, at last, gaining traction. China’s e-yuan now has 260m users and the technology involved might eventually allow China to run its own global payments network while maintaining capital controls, which it regards as necessary to maintain stability. That could make it all but immune to American sanctions. India’s upi system is vast and Brazil’s payments system, Pix, has been used by 126m people. Today these payments networks are domestic; tomorrow they could facilitate cross-border transactions as alternatives to the dollar-based system. Is the dollar weakening with the introduction of digital currencies ?
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