{"id":12058,"date":"2022-03-26T06:18:42","date_gmt":"2022-03-26T06:18:42","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us"},"modified":"2022-03-26T07:38:35","modified_gmt":"2022-03-26T07:38:35","slug":"chinas-cryptocurrency-in-africa-should-not-worry-the-us","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us","title":{"rendered":"China\u2019s cryptocurrency in Africa should not worry the US"},"content":{"rendered":"

Africa-Press – Lesotho. <\/strong><\/span>There\u2019s growing unease in Washington that last month\u2019s launch of a new Chinese digital yuan threatens the dollar\u2019s preeminence as the world\u2019s reserve currency.<\/p>\n

Questions about the new cryptocurrency have come up repeatedly in recent weeks during Congressional testimony, particularly regarding places like Africa, where US anxieties about China already run quite high.<\/p>\n

China\u2019s cryptocurrency Americans are right to be worried about China\u2019s ambitions to deploy its own blockchain-enabled cryptocurrency but probably for very different reasons than those circulating within the DC discourse.<\/p>\n

Take the Huawei Mate 40, which is now available in several major African markets and is the first smartphone that comes preinstalled with a digital yuan wallet.<\/p>\n

At this point, it\u2019s not really that big of a deal since: the phone is super expensive so not a lot of people can actually afford it; there\u2019s no practical use in exchanging yuan with most people in Africa.<\/p>\n

It\u2019s almost certain the Mate 40 will not have much of an impact, but the inclusion of a built-in secure wallet for digital yuan, however, is potentially a very important leading indicator.<\/p>\n

While Huawei is undeniably a fading brand in the handset market due to crippling US sanctions, other Chinese device makers like Transsion, Oppo, and Xiaomi dominate the African smartphone sector.<\/p>\n

So, if Transsion, in particular, decided to follow Huawei\u2019s lead and incorporate the same kind of digital wallet in its devices, it could be a game-changer because of its enormous scale.<\/p>\n

Let\u2019s be clear here, though, Transsion users in Africa wouldn\u2019t use that new wallet to conduct transactions in yuan, they\u2019d use their own currencies. But in doing so they\u2019d be adopting Chinese cryptocurrency standards in one of the world\u2019s fastest-growing mobile money markets.<\/p>\n

In terms of who would actually use digital yuan, other than a few traders who\u2019d like to reduce currency conversion fees for Chinese transactions, there probably won\u2019t be wide uptake soon.<\/p>\n

The key obstacle here is the fact that the yuan is still not a convertible currency. There\u2019s no benefit for a consumer to transact in RMB, compared to a more established foreign currency like the dollar or the euro, which is much easier to move around.<\/p>\n

But that may not be an issue for the Chinese because this really isn\u2019t about the now or even the near term. The new digital yuan may be more about laying the groundwork for something that\u2019s coming five to fifteen years down the road. Imagine the following scenario that happens sometime in the year, say, 2029: a Kenyan tea trader wants to sell to a buyer in Tajikstan.<\/p>\n

The two will use a Huawei-powered network to discuss the transaction, the payment will be done via a secure Chinese cryptocurrency and held in a Chinese escrow account, the tea will be shipped on the Chinese-built Standard Gauge Railway to a COSCO ship waiting at the Port of Mombasa, the shipment will then be tracked by BeiDou (the Chinese GPS system) and when it arrives, the payment will be settled in yuan or converted to shillings.<\/p>\n

That entire transaction will be facilitated by the Belt and Road, using Chinese technology, standards, and infrastructure that all operate outside of the existing US\/European-built system, and with China at the centre of it all.<\/p>\n

Bottom line So, this isn\u2019t about just a currency, because at present the digital yuan doesn\u2019t make a lot of sense as a standalone product in a place like Africa.<\/p>\n

Instead, the new digital currency is just a small part of a much larger ecosystem that is now taking shape. That\u2019s what they need to be focusing on in Washington.<\/p>\n

For More News And Analysis About Lesotho<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Lesotho. There\u2019s growing unease in Washington that last month\u2019s launch of a new Chinese digital yuan threatens the dollar\u2019s preeminence as the world\u2019s reserve currency. Questions about the new cryptocurrency have come up repeatedly in recent weeks during Congressional testimony, particularly regarding places like Africa, where US anxieties about China already run quite […]<\/p>\n","protected":false},"author":84,"featured_media":12057,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6,8,16],"tags":[242,233,246,245],"class_list":["post-12058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","category-homepage-english","category-twitter","tag-africa","tag-africa-press","tag-africa-press-lesotho","tag-lesotho"],"yoast_head":"\nChina\u2019s cryptocurrency in Africa should not worry the US - Lesotho<\/title>\n<meta name=\"description\" content=\"There\u2019s growing unease in Washington that last month\u2019s launch of a new Chinese digital yuan threatens the dollar\u2019s preem ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China\u2019s cryptocurrency in Africa should not worry the US\" \/>\n<meta property=\"og:description\" content=\"There\u2019s growing unease in Washington that last month\u2019s launch of a new Chinese digital yuan threatens the dollar\u2019s preem ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us\" \/>\n<meta property=\"og:site_name\" content=\"Lesotho\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-26T06:18:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-26T07:38:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2022\/03\/img-623ec2df9a140.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"679\" \/>\n\t<meta property=\"og:image:height\" content=\"419\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"China\u2019s cryptocurrency in Africa should not worry the US\",\"datePublished\":\"2022-03-26T06:18:42+00:00\",\"dateModified\":\"2022-03-26T07:38:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us\"},\"wordCount\":644,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2022\/03\/img-623ec2df9a140.jpg\",\"keywords\":[\"Africa\",\"Africa Press\",\"Africa Press-Lesotho\",\"Lesotho\"],\"articleSection\":[\"all news\",\"files\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us\",\"url\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us\",\"name\":\"China\u2019s cryptocurrency in Africa should not worry the US - Lesotho\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2022\/03\/img-623ec2df9a140.jpg\",\"datePublished\":\"2022-03-26T06:18:42+00:00\",\"dateModified\":\"2022-03-26T07:38:35+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"There\u2019s growing unease in Washington that last month\u2019s launch of a new Chinese digital yuan threatens the dollar\u2019s preem ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2022\/03\/img-623ec2df9a140.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2022\/03\/img-623ec2df9a140.jpg\",\"width\":679,\"height\":419,\"caption\":\"China\u2019s cryptocurrency in Africa should not worry the US\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/lesotho\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"China\u2019s cryptocurrency in Africa should not worry the US\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/#website\",\"url\":\"https:\/\/www.africa-press.net\/lesotho\/\",\"name\":\"Lesotho\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/lesotho\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"China\u2019s cryptocurrency in Africa should not worry the US - Lesotho","description":"There\u2019s growing unease in Washington that last month\u2019s launch of a new Chinese digital yuan threatens the dollar\u2019s preem ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us","og_locale":"en_US","og_type":"article","og_title":"China\u2019s cryptocurrency in Africa should not worry the US","og_description":"There\u2019s growing unease in Washington that last month\u2019s launch of a new Chinese digital yuan threatens the dollar\u2019s preem ...","og_url":"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us","og_site_name":"Lesotho","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2022-03-26T06:18:42+00:00","article_modified_time":"2022-03-26T07:38:35+00:00","og_image":[{"width":679,"height":419,"url":"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2022\/03\/img-623ec2df9a140.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"China\u2019s cryptocurrency in Africa should not worry the US","datePublished":"2022-03-26T06:18:42+00:00","dateModified":"2022-03-26T07:38:35+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us"},"wordCount":644,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2022\/03\/img-623ec2df9a140.jpg","keywords":["Africa","Africa Press","Africa Press-Lesotho","Lesotho"],"articleSection":["all news","files","homepage-english","twitter"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us","url":"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us","name":"China\u2019s cryptocurrency in Africa should not worry the US - Lesotho","isPartOf":{"@id":"https:\/\/www.africa-press.net\/lesotho\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2022\/03\/img-623ec2df9a140.jpg","datePublished":"2022-03-26T06:18:42+00:00","dateModified":"2022-03-26T07:38:35+00:00","author":{"@id":"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"There\u2019s growing unease in Washington that last month\u2019s launch of a new Chinese digital yuan threatens the dollar\u2019s preem ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us#primaryimage","url":"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2022\/03\/img-623ec2df9a140.jpg","contentUrl":"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2022\/03\/img-623ec2df9a140.jpg","width":679,"height":419,"caption":"China\u2019s cryptocurrency in Africa should not worry the US"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/lesotho\/all-news\/chinas-cryptocurrency-in-africa-should-not-worry-the-us#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/lesotho\/"},{"@type":"ListItem","position":2,"name":"China\u2019s cryptocurrency in Africa should not worry the US"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/lesotho\/#website","url":"https:\/\/www.africa-press.net\/lesotho\/","name":"Lesotho","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/lesotho\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/lesotho\/wp-json\/wp\/v2\/posts\/12058","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/lesotho\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/lesotho\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/lesotho\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/lesotho\/wp-json\/wp\/v2\/comments?post=12058"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/lesotho\/wp-json\/wp\/v2\/posts\/12058\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/lesotho\/wp-json\/wp\/v2\/media\/12057"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/lesotho\/wp-json\/wp\/v2\/media?parent=12058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/lesotho\/wp-json\/wp\/v2\/categories?post=12058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/lesotho\/wp-json\/wp\/v2\/tags?post=12058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}