[…]Now, a millennium later, China is poised to once again reshape the monetary landscape. China is leading the way in transitioning from paper money to digital currency through initiatives like the digital renminbi, and it is spearheading efforts to reduce reliance on the US dollar as the global reserve currency.

The Federal Reserve has announced the introduction of its "FedNow" Central Bank Digital Currency (CBDC) in July. While the initial rollout will be limited to interbank transactions, the eventual widespread adoption of CBDCs poses a risk to privacy and personal financial autonomy…