Activision

, 104

Adverse selection

, 62–63

Agricultural Bank of China

, 123

Airbnb

, 3, 104

Alibaba

, 2–3, 103–104, 124

Ant Group

, 48

apps

, 16, 18–19

Pay

, 39–40

Amazon

, 104

American Express

, 83–84

Animal spirits

, 68–69

Ant Financial

, 58–59

Apple

, 104

Application-Specific Integrated Circuit (ASIC)

, 51

Association of Southeast Asian Nations (ASEAN)

, 93–94, 101–102

Baidu

, 48, 104

Bank loan

, 60

Bank of China

, 123

Banks

, 48

Banning cryptocurrency mining

, 51

Base money

, 14

Belt and Road Initiative project (BRI project)

, 21–22, 77, 93–94, 96, 129

Big Four

, 123

Big tech firms

, 48

Binance

, 81

Bitcoin

, 4, 21, 25–26, 37–38

environmental cost

, 30–32

finite supply guarantees

, 29

futures

, 22

supporters

, 27

trading

, 28

Blockchain technology

, 12, 19, 34

ByteDance

, 48

‘Carry trade’ currencies

, 114–115

Central bank digital currency (CBDC)

, 1, 3, 6, 11, 26, 29, 32–33, 39, 78–79, 109, 111, 129

China

, 11, 14, 16

crystallising China’s digital revolution

, 16–18

ESG aspects

, 49–54

internationalisation

, 19–20

m-CBDC Bridge

, 54–55, 85, 91, 111, 117–118

monetary policy

, 43–46, 53–54

motivation to create

, 11–14

private money

, 12–13

two-tier system

, 14–16, 39–40, 47–48

‘Central Bank of Bahamas’ Sand Dollar

, 13–14

China

, 1, 37, 107

digital creative destruction

, 2–3

digital disruption

, 2, 129, 131

digital revolution

, 1

digital technologies

, 2

productivity

, 58

structural reform tactics

, 121–122

China Banking and Insurance Regulatory Commission (CBIRC)

, 63

China Construction Bank

, 123

Chinese Dream

, 57, 104

Chinese surveillance technology

, 77

Coinbase

, 81

Cold War

, 81–82

Common prosperity policy

, 53

Constructive engagement

, 82–83

Controlled anonymity

, 7, 29, 32, 37, 41, 46, 48, 79

information asymmetry

, 48–49, 60

two-tier system

, 39–40

Correspondent banking model

, 42–43

COVID-19 crisis

, 93, 98, 100–101

Cross-Border Interbank Payment System (CIPS)

, 54–55, 78, 84, 109

Crypto aficionados

, 28–29

Crypto developers

, 33

Crypto disruption

, 21

banks vs. fintech platforms

, 48

Bitcoin’s environmental cost

, 30–32

CBDC

, 32–33

controlled anonymity

, 46–48

crypto shooting

, 33–34

cryptos and CBDC

, 29

economic and environmental factors

, 50–52

ESG of digital yuan

, 49–54

future digital-currency war

, 46

impact on monetary system and policy

, 43–46

information asymmetry vs. controlled anonymity

, 48–49

internationalisation

, 54–55

manias

, 24–25

monetary policy sovereignty and governance

, 53–54

problems with cryptos

, 25–29

prompting growth in virtual finance

, 40–41

renminbi internationalisation

, 42–43

social development

, 52–53

two-tier system of DCEP

, 39–40

weak vs. strong institutions

, 34

Crypto Exchange Traded Funds

, 22

Crypto fever

, 29

Crypto holder

, 4

Crypto promoters

, 28

Crypto protest

, 29

Cryptocurrency

, 1, 3–4, 6, 12–13, 21, 37

anonymity

, 29

information asymmetry

, 7, 41, 48–49, 60

problems

, 25–29

Russo-Ukrainian crisis

, 80–87

Cryptos

, 22, 24, 29, 34–35, 80–81, 130

Didi

, 104

Digital battlefields

, 116–118

global payments systems and regulatory controls

, 117–118

international lending

, 116–117

national interest

, 117

technology and national security

, 118

Digital currency

, 4

benefits of

, 40–43, 48–49

m-CBDC Bridge

, 19, 54–55, 85, 91, 111, 117–118

Digital BRI

, 93–94, 98, 100–101, 108

ASEAN

, 101–102

clashes with United States

, 96–97

digital silk road to health silk road

, 98–99

global digital disruption

, 105

global tensions and disruption

, 100

new geopolitical landscape

, 100–101

Sino-US mutual disruption

, 102–104

Digital Currency Electronic Payment (DCEP)

, 1, 13–14, 17, 21, 26, 37, 79, 110, 129

benefits

, 40–41

controlled anonymity

, 47–48, 79

correspondent banking model

, 42–43

ESG aspects

, 49–54

experiment

, 20

global payments system

, 117–118

implication of adopting

, 41

internationalisation

, 42–43, 54–55

short-term objectives

, 18–19

two-tier system of

, 39–40, 47–48

Digital Currency Institute

, 85, 109

Digital currency war

, 80–81, 107, 114, 116

digital battlefields

, 116–118

digital revolution

, 110–111

future currency war

, 118–119

global currency disruptor

, 111–112

groundwork

, 112–113

internet bifurcation

, 113–114

US dollar dominance

, 108–109

Digital disruption

, 2–3, 81–82

Digital finance

, 110–111

Digital innovators

, 3

Digital money

, 12

Digital renminbi

, 21, 37, 40, 54, 77, 79, 107

acceptance and usage

, 112

limitation

, 125–127

process

, 122

Digital revolution

, 1, 110–111

Digital Silk Road (DSR)

, 98–99

Digital technologies

, 2

Digitalisation

, 2, 91, 112, 126–127

Digitisation

, 22

Distributed ledger technology (DLT)

, 19, 37–38, 110–111

benefits

, 40–43, 48–49

internationalisation of RMB

, 42–43, 54–55

‘Do no harm’ principle

, 19

Dollar inertia

, 127–129

Domestic digital yuan

, 123–124

‘Dual circulation’ policy

, 58, 93–94, 121–122

E-commerce

, 107

Eastern Caribbean Central Bank’s Digital Eastern Caribbean Dollar (DXCD)

, 13–14

Economic and environmental factors

, 50–52

Economic growth

, 121

ESG of digital yuan

, 49–54

Eurasia Economic Union (EEU)

, 86–87, 97

European Central Bank (ECB)

, 129–130

European Payments Initiative (EPI)

, 84–85, 109

Facebook

, 104

False disruption

, 82–84

Finance

, 80

Finance Gateway Information Services Co.

, 54–55

Financial inclusion

, 52

Financial innovation

, 45, 111

backfires

, 58–60

systemic risk

, 62

Financial institutions

, 17

Fintech financial platforms

, 48, 63

Fitch Ratings

, 83–84

Formula One racing

, 23

Gecko

, 60–61

Global currency disruptor

, 111–112

Global digital disruption

, 105

Global Financial Crisis (GFC)

, 21, 107

Global payments system

, 84–85

barriers to disrupt

, 89–90

digital currencies and war

, 80–81

digital disruption

, 81–82

disrupting technology and internet

, 91–92

false disruption

, 82–84

marginal force

, 90–91

monumental change for control

, 78–79

oil politics

, 87–88

petroyuan’s threat

, 88–89

real disruption

, 84–87

and regulatory controls

, 117–118

Goldman Sachs

, 83–84

Google

, 104

Hard tech

, 69–70, 122

Hard wallets

, 16

Health Silk Road (HSR)

, 98–99

Helicopter money

, 53

Huawei

, 103

Illicit players

, 81

Inclusive finance

, 5

Industrial & Commercial Bank of China

, 123

Information asymmetry vs. controlled anonymity

, 48–49

Information technology (IT)

, 102–103

Initial coin offerings (ICOs)

, 31

Initial public offering (IPO)

, 58

International lending

, 116–117

Internationalisation

, 19–20, 54–55

Internet bifurcation

, 113–114

Internet of Things

, 105

Japanese government bond market

, 128–129

JD.com

, 48

JP Morgan

, 83–84

Klondike

, 24

Legitimacy

, 23

Lenovo

, 103

Loopholes

, 67–68

‘Made in China 2025’ industrial policy

, 102–103

Manias

, 24–25

Maritime Silk Road

, 94

Marked bills

, 80–81

Meituan

, 48

Mixed martial arts (MMA)

, 23

Mobike Technology

, 104

Monetary policy sovereignty and governance

, 53–54

Monetary system and policy

, 43–46

Money multiplier

, 43

Moral hazard

, 62–63, 67–68

Multiple Central Bank Digital Currency Bridge Project (m-CBDC Bridge project)

, 19, 54–55, 85, 91, 111, 117–118

National interest

, 117

National security

, 118

NetEase

, 104

Netware development

, 104

New York Times Square billboards

, 23

Office of the United States Trade Representative (USTR)

, 52

Oil politics

, 87–88

One Belt One Road

, 93

‘One stone kills three birds’ strategy

, 94

PayPal

, 83–84

People’s Bank of China (PBoC)

, 14, 18–19, 38, 40–41, 78–79, 85, 109, 123–124

liquidity injection

, 44–45

Petroyuan

China

, 87

threat

, 88–89

Pinduoduo

, 48

Private money

, 12–13

Private sector

, 72–73

Private systems

, 11–12

Production possibility frontier

, 121

Quantitative easing (QE)

, 23, 114

Real disruption

, 84–87

Renminbi

, 17, 20

internationalisation

, 21–22, 42–43

Rent-seeking

, 67–68

Russo-Ukrainian crisis

, 77–78, 80, 87, 122–123

S&P Global

, 83–84

Scepticism

, 57–58

Securitisation

, 60–62

moral hazard

, 63

Shanda Interactive Entertainment

, 104

Shanghai-Hong Kong Stock Connect scheme

, 124

Short-term pains for long-term gains

, 64–67

regulatory tightening

, 66–67

Silk Road Economic Belt

, 94

Sino-Russian cooperation

, 77–78, 80

Sino-Russian-US triangular relationship

, 81

Sino-US mutual disruption

, 102–104

Small and medium-sized enterprises (SMEs)

, 49, 58

‘Social credit’ system

, 79

Social development

, 52–53

Society for Worldwide Interbank Financial Telecommunications (SWIFT)

, 77–78, 88–89, 91, 109

Soft tech

, 69–70, 122

Soft wallets

, 16

Stock Connect

, 124

Structural reforms

manufacturing

, 71–72

private sector

, 72–73

tactical change

, 70–71

Sweden’s e-Krona

, 13–14

System for Transfer of Financial Messages (SPFS)

, 84, 109

Systemic risk

, 62–63

Systemically important institutions (SIIs)

, 58

Tech policy

bank loan

, 60

change in reform tactics

, 70–71

domestic agenda

, 74–75

financial innovation backfires

, 58–60

fintech financial platforms

, 63

loopholes

, 67–68

manufacturing

, 71–72

moral hazard, adverse selection and systemic risk

, 62–63

private sector

, 72–73

short-term pains for long-term gains

, 64–67

tech clampdown

, 69–70

tech industry competition

, 68–69

Technology

, 118

Tencent

, 48, 103–104

Tesla car

, 27

Tether

, 31

Transactions per second (TPS)

, 18

Two-tier system of DCEP

, 39–40

Uber

, 3, 104

Ultimate Fighting Championship (UFC)

, 23

US dollar

, 107–108

dominance

, 108–109

risk

, 108

Velocity of money in China

, 43, 45

Virtual currency

, 4

Virtual finance, prompting growth in

, 40–41

WeChat Pay apps

, 16, 18–19, 39–40, 124

Yuan

, 107

ZTE

, 103