The digital yuan lacked users until the dollar’s reliability was questioned

Evidence

Before 2022, Chinese cloud finance and the digital yuan resembled a brand-new road with little traffic. Why would the ultra-wealthy of the world direct their money through a yuan-paved road, policed by the People’s Bank of China, when they could use the existing, albeit bumpy, dollar-built superhighway? — Yanis Varoufakis, Technofeudalism, 608

Categorization

• corroborated: 2 independent passages support this claim — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 608
• XREF: connects to: The Russian reserve seizure legitimized the digital yuan as an alternative — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 608; The Russian reserve seizure undermined trust in dollar-denominated assets — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 599

Broader Connections

• The Russian reserve seizure undermined trust in dollar-denominated assets #expands (0.85) — Yanis Varoufakis, Technofeudalism, 599