A digital yuan could allow some countries to avoid U.S. sanctions and increase the Chinese government's influence, experts told CNBC at Davos.
Neha Narula, director of the Digital Currency Initiative at the Massachusetts Institute of Technology was part of a group that simulated a White House National Security Council meeting.
The People's Bank of China is working on a digital yuan but has released very few details about the technology behind it or the timeline of its release.Neha Narula, director of the Digital Currency Initiative at the Massachusetts Institute of Technology , described a simulation that took part in November involving a number of people including Larry Summers and former U.S. Secretary of Defense Ash Carter. It was organized by Harvard Kennedy School's Belfer Center.
"Financial sanctions are a very important tool to the United States and though it might not happen immediately, one must consider the risk of a digital currency issued by another country gaining market share and affecting the U.S.'s ability to engage in financial sanctions and use them as tool." "If, however, the digital currency were run out of China, the U.S. would have far fewer levers to pull. Western regulators could ultimately ban the use of China's digital currency, but that wouldn't stop it from being used in large parts of Africa, Latin America, and Asia, which in turn could engender some underground demand even in the U.S. and Europe."
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