President of the Minneapolis Federal Reserve bank offers a little bit of truth:
“I can see why China would do it. In the event that they wish to monitor each one in every of your transactions, you may try this with a central financial institution digital foreign money. You possibly can’t try this with Venmo. If you wish to impose destructive rates of interest, you may try this with a central financial institution digital foreign money. You possibly can’t try this with Venmo. And if you wish to straight tax buyer accounts, you may try this with a central financial institution digital foreign money. You possibly can’t try this with Venmo. I get why China would have an interest. Why would the American folks be for that?”