WORKING PAPER

The Geopolitical Motivations Behind CBDCs

by Brunello Rosa and Alessandro Tentori

23 November 2023

In this paper we discuss:

• The three legs of the ongoing Cold War 2 between US and China, including a tech war;
• The 3 dimensions of the tech war between US and China;
• How CBDCs are just one of the many facets of the tech war between US and China;
• The interrelations between the BRI, the Digital Silk Roads and the e-CNY initiatives by China;
• How the “limitless cooperation” between China and Russia has broken the post-WW2 equilibria; and
• The Western response to China’s e-CNY, and whether a “liberal” CBDC is even possible.

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Download PDF: CBDCs and Geopolitics - November 2023

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