China’s push for the digital yuan will boost demand for cryptocurrencies, according to an analyst at BK Asset Management, citing that the Chinese government wants “absolute power” over the wealth and income of its citizens.
Digital Yuan Push Could Raise Demand for Crypto
Boris Schlossberg, managing director of FX Strategy for BK Asset Management, said in a note last week that China’s absolute control over its central bank digital currency (CBDC) will drive more demand for cryptocurrency, CNBC reported Friday. Schlossberg has more than 20 years of financial market experience, according to the asset management firm’s website which further states that the is “widely known as a leading foreign exchange expert.”
The analyst said that the primary driver for the Chinese government to roll out the digital yuan is “absolute power” over the wealth and income of its citizens.
“The digital yuan is both programmable and trackable giving the Chinese government enormous control ov
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