Quotes from the news wire:
The scope of the bank scandals where bank officials embezzle and steal funds from depositors is alarming, and what is exposed could only be the tip of the iceberg, as the Chinese economy slows down further, the fiscal shortage worsens, and the debt repayments become more widespread among Chinese companies, especially in the real estate sector, bank runs could become more often and on a larger scale.
Perpetrators such as the person stealing millions from the depositors often get shielded by accomplices in governments and in the upper-level management of the banks, the core problem is that China's financial system simply expanded far too fast relative to the size of the economy over the previous decade.
The central government regulators seem to be incapable of enforcing those regulations aimed at preventing this kind of bank run from occurring.
As the Chinese economy slows down further, the fiscal shortage worsens, and the debt repayments become more widespread among Chinese companies, especially in the real estate sector, bank runs could become more often and on a larger scale.
Many people lost their lifetime savings because of this and [ if ] more incidences like this takes place, and [ if ] a bank run is met with a government crackdown, social unrest will be the only end result.
In essence, the digital yuan can help strengthen the state's surveillance and control over the economy and society, it enhances the centralization of authority. That may be the fundamental reason why it has been strongly pushed and rushed by the state.
Found on CNN 2 years ago
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