Digital assets must be part of financial architecture
The proceedings of the third plenum of the 20th Communist Party of China Central Committee makes the future shape of China's financial infrastructure clearer. One factor that has to be included into China's efforts to build a sustainable financial system is that the US is totally capable of changing the rules to conveniently resolve an existing crisis. In 1971, when the US could no longer afford to peg its own currency to the price of gold, it abruptly de-pegged its own currency, ostensibly for a temporary period, but which has become an integral part of the global financial system and world economy today. Since 2013, the US Bureau of Economic Analysis has been redefining the composition of GDP to include non-tangible assets, such as intellectual property, entertainment, software development and increasingly digital assets. The successful launch of Black Myth: Wukong video game is an example of a digital product that can grow at multiple levels, from licensing to movies, and from collectibles and events to become digital assets that do not exist in the real world, but still count toward the composition of GDP in the future.
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