Also, I find it curious that Yellen announces a global tax at the same time.

A cyber yuan gives Beijing power to track spending in real time. Importantly, it's money that isnít linked to the dollar-dominated global financial system.

The cyber yuan is a government-sponsored digital currency designed to track the movement of every penny. Bitcoin promotes anonymity.

Apps like Apple Pay, Venmo, Paypal, and Google Pay just facilitate payments by skipping a credit or debit card middleman. They are not their own money.

In contrast, China turned the yuan into a string of digits. It resides in cyberspace. On a screen it displays with a silhouette of Mao Zedong and looks just like the paper money.