TikTok is suing the Trump administration over the recent executive order to ban the app’s American operations unless it’s sold to a US company by mid-September. The executive order was introduced over concerns that TikTok, which is owned by Chinese company Bytedance, could share users data with Chinese authorities.
Meanwhile, China and Russia are looking to create a financial alliance to get rid of their reliance on the US dollar. This is in the context of both countries facing US sanctions, and China preparing to launch a new digital currency.
China’s Ministry of Commerce is planning to launch the new currency in 28 urban areas of China, covering around 400 million people. It can promote the currency as a way for other countries to get around US sanctions, but its digital nature will also give local authorities power to monitor transactions beyond the extent of the US dollar.
These stories and more in this episode of Crossroads.
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