The world’s largest totalitarian regime that prides itself on ’social engineering‘ has hit a ’Great Wall’ of human resistance and economic reality.
Signage of the Chinese digital currency is seen near a coffee store in the New Actuation Fintech Center in Beijing on Feb. 17, 2022. Jade Gao/AFP via Getty Images
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Commentary
For years, the Chinese Communist Party (CCP) has positioned the digital yuan (e-CNY) as the ultimate weapon of financial totalitarianism. It was intended to be the crowning achievement of the surveillance state. With a programmable, traceable digital currency, Beijing thought it would finally break the back of private payment giants like Alipay and WeChat Pay.
