Wall Street’s lobbying power is why there is no Western digital currency

Evidence

But they face a steep obstacle that the People’s Bank of China did not: frenzied opposition from the Wall Street and Frankfurt banks, who understandably see a digital dollar or euro as the devil incarnate (since it ends their monopoly over the payments system). China’s private bankers did not like their central bank’s digital yuan either. But unlike in the United States or in Europe, where the bankers dictate the law of the land to politicians and bureaucrats, in China the bankers are dictated to by the Communist Party. Once the party decided that the digital yuan was the way to go, it was game over. — Yanis Varoufakis, Technofeudalism, 969

Categorization

• XREF: Connects to the book’s broader claim that in the West financiers dictate to politicians whereas in China the party dictates to bankers.
• corroborated: 2 independent passages support this claim — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 969