Xi Jinping Forgets Seed Phrase For Digital Yuan Wallet, Loses $2.3 Trillion Equivalent Of Country’s Wealth
BEIJING, China – China’s President Xi Jinping is facing blowback from party leaders Friday following his revelation that he forgot the 12-word phrase used to unlock the country’s budget surplus stored in an encrypted digital Yuan wallet. The move to a digital currency was originally touted by the country’s leadership as a method to combat black-market activity and subvert international sanctions, but the full-speed implementation appears to have led to quite a misstep as China now faces a budget deficit measured in the trillions of dollars. Q1 2021 hedge fund letters, conferences and more Xi J...