How will the digital yuan shape China’s position in the world?

It was fantastic talking with Edward Tse founder of Gao Feng Advisory Company to outline what our digital CBDC future has in store not just for China but for all of us.

Ed is a globally acknowledged China expert and the “Father of Management Consulting in China” as the former head of China operations at both BCG and Booz. Gao Feng Advisory, is a pre-eminent strategy and management consulting firm with roots in China.

Frankly, being interviewed by a seasoned China expert like Ed is a joy for me! Thank you, Ed!

The interview can be found on YouTube here: https://bit.ly/3ocWKD7

Here are a few interview excerpts that should make you want more!

17:00 Ed: You’re always under surveillance if you use the CBDC, is that right?

Rich: Let me make a broad statement to make it easy for people. You should be concerned about this, but you should not be afraid of this. CBDCs are software. You can build good software and you can build bad software. …is the e-CNY spyware? the answer is really funny. China’s CBDC offers greater privacy and anonymity than all of your credit cards or digital payment forms in the West, including Visa and Mastercard.

30:48 Ed: ….because of what’s going on in Europe with Ukraine, whether CBDC can help evade the sanctions?

Rich: …When China and India both fully launch their own CBDC, 37% of the world’s population will have access to a CBDC. Now, add Russia. …The next two to three years in the future, India, Russia, and China will have CBDCs and it’s foolish to believe that they’re not going to use them.

34:40 Ed: What would be your advice in general? Let’s say if you are talking to the CEO of a large American company.

Rich: The answer is very clear – this is good for business! …China’s digital Yuan is not just a payment system. Most economists are completely missing this. …What they are missing is that using digital RMB will give you access to a digital customs clearance and digital logistics system.

40:09 Ed: …global companies today, by definition, are very concerned about the supply chain security…

Rich: What China is doing in supply chain is flying under the radar. …What they’re doing with digital logistics hubs and digital supply chains is mind-blowing. And people are not paying attention.

44:05 Ed: …What would be your recommendation for Hong Kong business people…

Rich: Hong Kong will become the international digital RMB center. The BIS is working with the HKMA to build the first central bank-sponsored CBDC transfer exchange center. It will be a global leader.

Thank you Ed for such a thoughtful interview!