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10x bigger than Bitcoin, Tether, and Gold: China's Central Bank Digital Currency will dwarf the

10x bigger than Bitcoin, Tether, and Gold: China's Central Bank Digital Currency will dwarf the Kwabena Ofori Osei 44 Views • 2 years ago

China is pushing Hong Kong as a global hub for Stablecoins, which are digital currencies backed by fiat money.

Western analysts correctly point out that China, uniquely among large economies, is aggressively building out the financial infrastructure and regulation for digital currencies, issued by the central bank. But these analyses err on a major point: the stablecoins issued by Hong Kong institutions will not be China-yuan denominated, as they assume. Instead, they will be denominated in US dollars, and will be a powerful driver of economic growth to the benefit of the Chinese financial system, and without exposing their own currency to outside speculators, seizure, or debt issuance.

To see how this may play out, consider the explosive growth of Tether, a stablecoin with stated US dollar reserves of $116 billion and 1-to-1 parity with the US dollar. The sudden rise and global acceptance of Tether serve as a playbook for Chinese banking regulators, who are sitting on nearly $4 trillion in US dollar reserves, with hopes to deploy these deep capital pools but without exposure to the Western banking system.

Resources and links:

Reuters, Tether's $100 billion stokes stablecoin stability concerns
https://www.reuters.com/techno....logy/tethers-100-bln

Learn how Tether (USDT) Makes Money
https://www.markets.com/educat....ion-centre/how-tethe
Inside the Russian Shadow Trade for Weapons Parts, Fueled by Crypto

Hong Kong to increase digital asset regulation in next 18 months, with focus on stablecoins
https://coingeek.com/hong-kong....-to-increase-digital

Tether’s Ascent: Breaking Down the Dominant Stablecoin's Growth
https://coinmetrics.substack.c....om/p/state-of-the-ne

Forbes, The House Bans The Fed From Building A CBDC Like The Digital Yuan
https://www.forbes.com/sites/d....igital-assets/2024/0

Reuters, What and where are Russia's $300 billion in reserves frozen in the West?
https://www.reuters.com/world/....europe/what-where-ar

China contends for the central position in the global economy
https://merics.org/en/6-china-....contends-central-pos

ASEAN: The ultimate winner of a China-US rivalry (Part I)
https://www.thinkchina.sg/econ....omy/asean-ultimate-w

Tether Stablecoin Home Page
https://tether.to/en/

Closing scene, Hong Kong

Inside Indonesia's Secret War for West Papua | Foreign Correspondent 12 May 2020

Inside Indonesia's Secret War for West Papua | Foreign Correspondent 12 May 2020 Ambakisye-Okang Dukuzumurenyi 37 Views • 5 years ago

Just north of Australia a secret war is being fought. West Papuan independence fighters and Indonesian security forces are involved in a protracted and bloody battle over the issue of Papuan independence.

The conflict escalated after young West Papuan fighters killed Indonesian road workers building a highway into Papua’s central highlands.

The Indonesia government hit back hard, deploying hundreds of police and military who attacked the region in an effort to root out the rebels.

Last year mass protests broke out, with civil resistance leaders from in and outside West Papua calling for freedom from Indonesia.

With foreign media largely shut out, the story of this unfolding humanitarian disaster remains untold.

Hundreds have died and local officials estimate that over 40 000 people have been displaced. There are allegations of torture and human rights abuses.

Foreign Correspondent has been able to report from inside the conflict zone, gaining access to exclusive pictures of the recent unrest and speaking to eyewitnesses of the violence.

“I have to yell out to the world…because if I don’t, we’re going to be weaker and the indigenous people will be wiped out ”, says one West Papuan highlander who’s looking after children orphaned in the recent fighting.

“We will not retreat. We will not run. We will fight until recognition dawns ” , says a member of West Papua’s young guerrilla force whose ranks include teenagers orphaned in the ongoing conflict.

“Dialogue is needed but dialogue which is constructive”, says Indonesia’s former Security Minister. “We have closed the door for dialogue on a referendum. No dialogue for independence.”

Sally Sara reports on a war with no end in sight.

About Foreign Correspondent:
Foreign Correspondent is the prime-time international public affairs program on Australia's national broadcaster, ABC-TV. We produce half-hour duration in-depth reports for broadcast across the ABC's television channels and digital platforms. Since 1992, our teams have journeyed to more than 170 countries to report on war, natural calamity and social and political upheaval – through the eyes of the people at the heart of it all.

Contributions may be removed if they violate ABC’s Online Terms of Use http://www.abc.net.au/conditions.htm (Section 3). This is an official Australian Broadcasting Corporation YouTube channel

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