Kyle Bass, an American billionaire, founder, and CIO of Hayman Capital Management, has warned the US that the China CBDC could have a destructive impact on the US.
He alleged that the communist administration in China is set out to use the digital Yuan (China CBDC) to spread its totalitarianism across the globe. Kyle warned that these actions would have bad effects on the US and called on the US government to ban the digital yuan if they come into fruition by China.
China CBDC would undermine US capitalism
Firstly, the billionaire described the yet-to-launch China CBDC as a tool of oppression, stating that China will use it to gain massive influence over rival countries. Kyle said the digital yuan will grant a stronger economic position and more control to the Asian superpower.
Speaking further, he called it cancer that would plague the States if the US does not ban it.
“I think that we should ban the (Chinese digital) currency and not allow any of it to be handled in the United States. I know that sounds hyperbolic, but if you just think all the way through this, you can’t have a little bit of cancer. You either have cancer, or you don’t have cancer.”
With the US being a capitalist country, Kyle states that the China CBDC fits into the nature of a communist regime.