{"id":25802,"date":"2025-07-25T18:09:12","date_gmt":"2025-07-25T18:09:12","guid":{"rendered":"https:\/\/vanhoimoi.org\/?p=25802"},"modified":"2025-07-25T18:09:14","modified_gmt":"2025-07-25T18:09:14","slug":"tien-dien-tu-va-cuoc-chien-my-trung-gianh-quyen-lanh-dao-tai-chinh-toan-cau","status":"publish","type":"post","link":"https:\/\/vanhoimoi.org\/?p=25802","title":{"rendered":"Ti\u1ec1n \u0111i\u1ec7n t\u1eed v\u00e0 cu\u1ed9c chi\u1ebfn M\u1ef9-Trung gi\u00e0nh quy\u1ec1n l\u00e3nh \u0111\u1ea1o t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u<\/strong>
Yingfan Chen, Dingding Chen<\/span>"},"content":{"rendered":"
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__________________<\/figcaption><\/figure>\n<\/div>\n\n\n

Ngu\u1ed3n:<\/strong> Yingfan Chen, Dingding Chen, \u201cWho Will Rule Crypto? The China-US Battle for Global Financial Leadership,\u201d\u00a0The Diplomat<\/em><\/mark><\/strong>,\u00a0<\/em>22\/07\/2025<\/p>\n\n\n\n

Bi\u00ean d\u1ecbch: <\/strong>Nguy\u1ec5n Th\u1ecb Kim Ph\u1ee5ng<\/p>\n\n\n\n

Cu\u1ed9c \u0111ua ti\u1ec1n k\u1ef9 thu\u1eadt s\u1ed1 gi\u1eefa M\u1ef9 v\u00e0 Trung Qu\u1ed1c kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t cu\u1ed9c ch\u1ea1y \u0111ua c\u00f4ng ngh\u1ec7, m\u00e0 c\u00f2n l\u00e0 m\u1ed9t cu\u1ed9c t\u00e1i thi\u1ebft h\u1ec7 th\u1ed1ng qu\u1ea3n tr\u1ecb ti\u1ec1n t\u1ec7 to\u00e0n c\u1ea7u.<\/mark><\/em><\/p>\n\n\n\n

Trong n\u0103m 2025, Trung Qu\u1ed1c v\u00e0 M\u1ef9 \u0111ang t\u0103ng c\u01b0\u1eddng s\u1ef1 c\u1ea1nh tranh trong m\u1ed9t l\u0129nh v\u1ef1c m\u1edbi: c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng ti\u1ec1n t\u1ec7 k\u1ef9 thu\u1eadt s\u1ed1.<\/strong><\/p>\n\n\n\n

Th\u00e1ng 5 v\u1eeba qua, Hong Kong \u0111\u00e3 th\u00f4ng qua m\u1ed9t \u0111\u1ea1o lu\u1eadt mang t\u00ednh b\u01b0\u1edbc ngo\u1eb7t \u0111\u1ec3 qu\u1ea3n l\u00fd c\u00e1c lo\u1ea1i stablecoin (ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u00f3 gi\u00e1 tr\u1ecb \u1ed5n \u0111\u1ecbnh) \u0111\u01b0\u1ee3c tham chi\u1ebfu b\u1eb1ng ti\u1ec1n ph\u00e1p \u0111\u1ecbnh, nh\u1ea5n m\u1ea1nh tham v\u1ecdng tr\u1edf th\u00e0nh trung t\u00e2m t\u00e0i ch\u00ednh k\u1ef9 thu\u1eadt s\u1ed1 v\u00e0 ph\u00f9 h\u1ee3p v\u1edbi chi\u1ebfn l\u01b0\u1ee3c r\u1ed9ng h\u01a1n c\u1ee7a B\u1eafc Kinh nh\u1eb1m th\u00fac \u0111\u1ea9y \u0111\u1ed3ng nh\u00e2n d\u00e2n t\u1ec7 k\u1ef9 thu\u1eadt s\u1ed1 (e-CNY)<\/mark><\/strong> tr\u1edf th\u00e0nh m\u1ed9t l\u1ef1a ch\u1ecdn thay th\u1ebf cho \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9.<\/strong><\/p>\n\n\n\n

Trong khi \u0111\u00f3, c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch v\u00e0 c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 t\u00e0i ch\u00ednh (fintech) c\u1ee7a M\u1ef9 c\u0169ng \u0111ang n\u1ed7 l\u1ef1c m\u1edf r\u1ed9ng ph\u1ea1m vi ti\u1ebfp c\u1eadn c\u1ee7a c\u00e1c stablecoin \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi \u0111\u1ed3ng \u0111\u00f4 la, ph\u1ea3n \u00e1nh s\u1ef1 c\u1ea1nh tranh ng\u00e0y c\u00e0ng gia t\u0103ng v\u1ec1 vi\u1ec7c ai s\u1ebd \u0111\u1eb7t ra c\u00e1c quy t\u1eafc cho tr\u1eadt t\u1ef1 ti\u1ec1n t\u1ec7 k\u1ef9 thu\u1eadt s\u1ed1 m\u1edbi n\u1ed5i.<\/strong><\/p>\n\n\n\n

Trung Qu\u1ed1c th\u00fac \u0111\u1ea9y m\u1ed9t h\u1ec7 th\u1ed1ng ti\u1ec1n t\u1ec7 \u0111a c\u1ef1c<\/strong><\/p>\n\n\n

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Trung Qu\u1ed1c \u0111\u00e3 v\u00e0 \u0111ang t\u00edch c\u1ef1c qu\u1ea3ng b\u00e1 \u0111\u1ed3ng e-CNY, v\u1edbi vi\u1ec7c Ng\u00e2n h\u00e0ng Nh\u00e2n d\u00e2n Trung Qu\u1ed1c (PBOC) c\u00f4ng b\u1ed1 k\u1ebf ho\u1ea1ch th\u00e0nh l\u1eadp m\u1ed9t trung t\u00e2m v\u1eadn h\u00e0nh qu\u1ed1c t\u1ebf cho \u0111\u1ed3ng ti\u1ec1n n\u00e0y t\u1ea1i Th\u01b0\u1ee3ng H\u1ea3i.<\/strong> S\u00e1ng ki\u1ebfn n\u00e0y nh\u1eb1m m\u1ee5c \u0111\u00edch t\u0103ng c\u01b0\u1eddng s\u1ef1 hi\u1ec7n di\u1ec7n to\u00e0n c\u1ea7u c\u1ee7a e-CNY v\u00e0 gi\u1ea3m s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 trong th\u01b0\u01a1ng m\u1ea1i qu\u1ed1c t\u1ebf<\/mark><\/strong>. PBOC \u0111\u1eb7t m\u1ee5c ti\u00eau t\u00edch h\u1ee3p e-CNY v\u00e0o t\u00e0i ch\u00ednh chu\u1ed7i cung \u1ee9ng v\u00e0 thanh to\u00e1n xuy\u00ean bi\u00ean gi\u1edbi \u2013 \u0111\u1eb7c bi\u1ec7t l\u00e0 gi\u1eefa Trung Qu\u1ed1c \u0111\u1ea1i l\u1ee5c v\u00e0 Hong Kong \u2013 n\u01a1i d\u1ef1 ki\u1ebfn m\u1ee9c s\u1eed d\u1ee5ng s\u1ebd \u0111\u1ea1t 8 t\u1ef7 \u0111\u00f4 la v\u00e0o n\u0103m 2025.<\/p>\n\n\n\n

Tuy nhi\u00ean, c\u00e1c nh\u00e0 ph\u00e2n t\u00edch t\u1ea1i JP Morgan v\u1eabn cho r\u1eb1ng \u0111\u1ed3ng e-CNY kh\u00f3 c\u00f3 th\u1ec3 l\u00e0m x\u00f3i m\u00f2n v\u1ecb th\u1ebf th\u1ed1ng tr\u1ecb c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 trong c\u00e1c giao d\u1ecbch to\u00e0n c\u1ea7u<\/mark>, v\u00e0 d\u1eef li\u1ec7u \u0111\u00e3 c\u1ee7ng c\u1ed1 nh\u1eadn \u0111\u1ecbnh n\u00e0y. N\u0103m 2022, \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 v\u1eabn chi\u1ebfm 88% giao d\u1ecbch ngo\u1ea1i h\u1ed1i to\u00e0n c\u1ea7u, 70% ph\u00e1t h\u00e0nh n\u1ee3 n\u01b0\u1edbc ngo\u00e0i, v\u00e0 48% n\u1ee3 ph\u1ea3i tr\u1ea3 xuy\u00ean bi\u00ean gi\u1edbi, trong khi \u0111\u1ed3ng nh\u00e2n d\u00e2n t\u1ec7 Trung Qu\u1ed1c ch\u1ec9 chi\u1ebfm 7% doanh thu ngo\u1ea1i h\u1ed1i.<\/strong><\/p>\n\n\n\n

Nh\u01b0ng vai tr\u00f2 c\u1ee7a \u0111\u1ed3ng e-CNY trong vi\u1ec7c t\u1ea1o thu\u1eadn l\u1ee3i cho th\u01b0\u01a1ng m\u1ea1i trong kh\u1ed1i BRICS v\u00e0 c\u00e1c th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i kh\u00e1c c\u00f3 th\u1ec3 d\u1ea7n l\u00e0m x\u00f3i m\u00f2n \u1ea3nh h\u01b0\u1edfng c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la \u1edf m\u1ed9t s\u1ed1 khu v\u1ef1c c\u1ee5 th\u1ec3.<\/strong> T\u1ea1i h\u1ed9i ngh\u1ecb th\u01b0\u1ee3ng \u0111\u1ec9nh BRICS n\u0103m 2025 t\u1ea1i Rio de Janeiro, c\u00e1c nh\u00e0 l\u00e3nh \u0111\u1ea1o \u0111\u00e3 t\u00e1i kh\u1eb3ng \u0111\u1ecbnh cam k\u1ebft phi \u0111\u00f4 la h\u00f3a, k\u00eau g\u1ecdi tri\u1ec3n khai c\u00e1c h\u1ec7 th\u1ed1ng thanh to\u00e1n thay th\u1ebf, v\u00e0 ch\u1ec9 tr\u00edch c\u00e1c bi\u1ec7n ph\u00e1p th\u01b0\u01a1ng m\u1ea1i \u0111\u01a1n ph\u01b0\u01a1ng d\u1ef1a tr\u00ean \u0111\u1ed3ng \u0111\u00f4 la.<\/mark><\/strong> Kh\u1ed1i n\u00e0y \u0111\u00e3 l\u00ean \u00e1n c\u00e1c m\u1ee9c thu\u1ebf quan \u0111\u01a1n ph\u01b0\u01a1ng, xem ch\u00fang l\u00e0 c\u00f3 h\u1ea1i cho s\u1ef1 \u1ed5n \u0111\u1ecbnh kinh t\u1ebf to\u00e0n c\u1ea7u.<\/p>\n\n\n\n

BRICS \u0111ang t\u00edch c\u1ef1c t\u00ecm hi\u1ec3u c\u00e1c h\u1ec7 th\u1ed1ng thanh to\u00e1n thay th\u1ebf, m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n th\u00f4ng qua m\u1ed9t s\u1ed1 c\u01a1 ch\u1ebf c\u1ee5 th\u1ec3. Ng\u00e2n h\u00e0ng Ph\u00e1t tri\u1ec3n M\u1edbi (New Development Bank) \u0111\u00e3 ph\u00e1t h\u00e0nh h\u01a1n 2,1 t\u1ef7 \u0111\u00f4 la M\u1ef9 d\u01b0\u1edbi d\u1ea1ng c\u00e1c kho\u1ea3n vay b\u1eb1ng n\u1ed9i t\u1ec7 \u0111\u1ec3 t\u00e0i tr\u1ee3 cho c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng v\u00e0 c\u00e1c d\u1ef1 \u00e1n ph\u00e1t tri\u1ec3n b\u1ec1n v\u1eefng, gi\u1ea3m s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o ngu\u1ed3n v\u1ed1n b\u1eb1ng \u0111\u00f4 la M\u1ef9, trong khi Qu\u1ef9 D\u1ef1 tr\u1eef Kh\u1ea9n c\u1ea5p (Contingent Reserve Arrangement) tr\u1ecb gi\u00e1 100 t\u1ef7 \u0111\u00f4 la M\u1ef9 cung c\u1ea5p thanh kho\u1ea3n cho c\u00e1c qu\u1ed1c gia th\u00e0nh vi\u00ean b\u1eb1ng c\u00e1c lo\u1ea1i ti\u1ec1n t\u1ec7 kh\u00e1c ngo\u00e0i \u0111\u00f4 la M\u1ef9, gi\u00fap t\u0103ng c\u01b0\u1eddng kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i t\u00e0i ch\u00ednh.<\/strong><\/p>\n\n\n\n

B\u1ed5 sung cho s\u1ef1 chuy\u1ec3n d\u1ecbch n\u00e0y, H\u1ec7 th\u1ed1ng Thanh to\u00e1n Li\u00ean ng\u00e2n h\u00e0ng Xuy\u00ean bi\u00ean gi\u1edbi (CIPS) c\u1ee7a Trung Qu\u1ed1c \u0111\u00e3 m\u1edf r\u1ed9ng \u0111\u00e1ng k\u1ec3, t\u1ea1o \u0111i\u1ec1u ki\u1ec7n thu\u1eadn l\u1ee3i cho c\u00e1c giao d\u1ecbch th\u01b0\u01a1ng m\u1ea1i b\u1eb1ng \u0111\u1ed3ng nh\u00e2n d\u00e2n t\u1ec7 v\u00e0 c\u00f3 th\u1ec3 t\u01b0\u01a1ng t\u00e1c v\u1edbi h\u1ec7 th\u1ed1ng SPFS c\u1ee7a Nga, qua \u0111\u00f3 cho ph\u00e9p m\u1ed9t s\u1ed1 qu\u1ed1c gia tr\u00e1nh \u0111\u01b0\u1ee3c m\u1ea1ng l\u01b0\u1edbi SWIFT d\u1ef1a tr\u00ean \u0111\u1ed3ng \u0111\u00f4 la. D\u1eef li\u1ec7u th\u01b0\u01a1ng m\u1ea1i c\u1ee7ng c\u1ed1 xu h\u01b0\u1edbng n\u00e0y: n\u0103m 2024, th\u01b0\u01a1ng m\u1ea1i song ph\u01b0\u01a1ng Trung-Nga \u0111\u1ea1t 218 t\u1ef7 \u0111\u00f4 la, v\u1edbi m\u1ed9t t\u1ef7 tr\u1ecdng ng\u00e0y c\u00e0ng t\u0103ng \u0111\u01b0\u1ee3c thanh to\u00e1n b\u1eb1ng \u0111\u1ed3ng nh\u00e2n d\u00e2n t\u1ec7 v\u00e0 \u0111\u1ed3ng r\u00fap, trong khi th\u01b0\u01a1ng m\u1ea1i \u1ea4n-Nga \u0111\u1ea1t t\u1ed5ng c\u1ed9ng 66 t\u1ef7 \u0111\u00f4 la, v\u00e0 ph\u1ea7n l\u1edbn trong s\u1ed1 \u0111\u00f3 kh\u00f4ng s\u1eed d\u1ee5ng \u0111\u1ed3ng \u0111\u00f4 la nh\u1edd c\u00f3 c\u00e1c th\u1ecfa thu\u1eadn b\u1eb1ng n\u1ed9i t\u1ec7.<\/p>\n\n\n\n

Stablecoin c\u1ee7a M\u1ef9: Quy \u0111\u1ecbnh r\u00f5 r\u00e0ng v\u00e0 ph\u1ea1m vi to\u00e0n c\u1ea7u<\/strong><\/p>\n\n\n

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Nh\u1eb1m \u1ee9ng ph\u00f3 v\u1edbi t\u1ea7m quan tr\u1ecdng ng\u00e0y c\u00e0ng t\u0103ng c\u1ee7a c\u00e1c lo\u1ea1i ti\u1ec1n t\u1ec7 k\u1ef9 thu\u1eadt s\u1ed1, Th\u01b0\u1ee3ng vi\u1ec7n M\u1ef9 \u0111\u00e3 th\u00f4ng qua \u0110\u1ea1o lu\u1eadt GENIUS (Guiding and Establishing National Innovation for U.S. Stablecoins, H\u01b0\u1edbng d\u1eabn v\u00e0 Thi\u1ebft l\u1eadp \u0110\u1ed5i m\u1edbi Qu\u1ed1c gia cho \u0110\u1ed3ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh M\u1ef9) v\u00e0o ng\u00e0y 17\/06, v\u1edbi t\u1ef7 l\u1ec7 phi\u1ebfu b\u1ea7u l\u01b0\u1ee1ng \u0111\u1ea3ng 68-30, \u0111\u00e1nh d\u1ea5u khu\u00f4n kh\u1ed5 ph\u00e1p l\u00fd li\u00ean bang \u0111\u1ea7u ti\u00ean cho c\u00e1c stablecoin thanh to\u00e1n.<\/mark><\/strong> \u0110\u1ea1o lu\u1eadt mang t\u00ednh b\u01b0\u1edbc ngo\u1eb7t n\u00e0y y\u00eau c\u1ea7u c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh ph\u1ea3i b\u1ea3o ch\u1ee9ng \u0111\u1ea7y \u0111\u1ee7 cho stablecoin c\u1ee7a m\u00ecnh b\u1eb1ng c\u00e1c t\u00e0i s\u1ea3n thanh kho\u1ea3n, \u0111\u0103ng k\u00fd v\u1edbi c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd, v\u00e0 \u0111\u00e1p \u1ee9ng c\u00e1c y\u00eau c\u1ea7u v\u1ec1 minh b\u1ea1ch v\u00e0 ki\u1ec3m to\u00e1n. Vi\u1ec7c th\u00f4ng qua \u0111\u1ea1o lu\u1eadt n\u00e0y \u0111\u01b0\u1ee3c cho l\u00e0 s\u1ebd c\u1ee7ng c\u1ed1 s\u1ef1 th\u1ed1ng tr\u1ecb c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 trong l\u0129nh v\u1ef1c thanh to\u00e1n k\u1ef9 thu\u1eadt s\u1ed1, b\u1eb1ng c\u00e1ch \u0111\u1ea3m b\u1ea3o quy\u1ec1n ti\u1ebfp c\u1eadn \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd \u0111\u1ed1i v\u1edbi c\u00e1c stablecoin \u0111\u01b0\u1ee3c neo gi\u00e1 b\u1eb1ng \u0111\u1ed3ng \u0111\u00f4 la.<\/mark><\/strong><\/p>\n\n\n\n

Trong khi \u0111\u00f3, Circle \u2013 nh\u00e0 ph\u00e1t h\u00e0nh USDC, m\u1ed9t stablecoin \u0111\u01b0\u1ee3c neo v\u00e0o \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9<\/mark><\/strong> \u2013 \u0111ang m\u1edf r\u1ed9ng ho\u1ea1t \u0111\u1ed9ng tr\u00ean to\u00e0n c\u1ea7u. Theo b\u00e1o c\u00e1o T\u00ecnh h\u00ecnh Kinh t\u1ebf USDC n\u0103m 2025, l\u01b0\u1ee3ng l\u01b0u th\u00f4ng c\u1ee7a USDC \u0111\u00e3 t\u0103ng 78% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc, v\u01b0\u1ee3t m\u1ed1c 60 t\u1ef7 \u0111\u00f4 la ngu\u1ed3n cung \u0111ang ho\u1ea1t \u0111\u1ed9ng v\u00e0o \u0111\u1ea7u n\u0103m 2025, trong khi t\u1ed5ng giao d\u1ecbch tr\u1ecdn \u0111\u1eddi v\u01b0\u1ee3t 20 ngh\u00ecn t\u1ef7 \u0111\u00f4 la, v\u1edbi k\u1ef7 l\u1ee5c 1 ngh\u00ecn t\u1ef7 \u0111\u00f4 la l\u01b0\u1ee3ng giao d\u1ecbch h\u00e0ng th\u00e1ng v\u00e0o th\u00e1ng 11\/2024. USDC hi\u1ec7n c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng b\u1edfi h\u01a1n 500 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng t\u1ea1i h\u01a1n 180 qu\u1ed1c gia, \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi m\u1ed9t m\u1ea1ng l\u01b0\u1edbi ng\u00e0y c\u00e0ng t\u0103ng c\u00e1c \u0111\u1ed1i t\u00e1c ng\u00e2n h\u00e0ng to\u00e0n c\u1ea7u v\u00e0 c\u00e1c giao th\u1ee9c chuy\u1ec3n giao chu\u1ed7i ch\u00e9o (cross-chain transfer protocols) v\u1ed1n \u0111\u00e3 t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho vi\u1ec7c chuy\u1ec3n kho\u1ea3n h\u01a1n 20 t\u1ef7 \u0111\u00f4 la gi\u1eefa c\u00e1c chu\u1ed7i (blockchains).<\/strong><\/p>\n\n\n\n

Trong m\u1ed9t \u0111\u1ed9ng th\u00e1i \u0111\u00e1ng ch\u00fa \u00fd, Ant International, chi nh\u00e1nh \u1edf n\u01b0\u1edbc ngo\u00e0i c\u1ee7a Ant Group do Jack Ma h\u1eadu thu\u1eabn, \u0111ang chu\u1ea9n b\u1ecb t\u00edch h\u1ee3p USDC v\u00e0o n\u1ec1n t\u1ea3ng AntChain c\u1ee7a m\u00ecnh sau khi token n\u00e0y \u0111\u00e1p \u1ee9ng c\u00e1c ti\u00eau chu\u1ea9n quy \u0111\u1ecbnh c\u1ee7a M\u1ef9 theo \u0110\u1ea1o lu\u1eadt GENIUS.<\/mark><\/strong> Vi\u1ec7c t\u00edch h\u1ee3p n\u00e0y s\u1ebd k\u1ebft n\u1ed1i USDC v\u1edbi c\u01a1 s\u1edf kh\u1ed5ng l\u1ed3 g\u1ed3m h\u01a1n 1 t\u1ef7 ng\u01b0\u1eddi d\u00f9ng c\u1ee7a Alipay v\u00e0 m\u1edf ra kh\u1ea3 n\u0103ng giao d\u1ecbch xuy\u00ean bi\u00ean gi\u1edbi m\u1edbi cho \u0111\u1ed3ng \u0111\u00f4 la k\u1ef9 thu\u1eadt s\u1ed1 \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd.<\/strong><\/p>\n\n\n

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S\u1ef1 t\u0103ng tr\u01b0\u1edfng nhanh ch\u00f3ng n\u00e0y \u2013 c\u00f9ng v\u1edbi s\u1ef1 r\u00f5 r\u00e0ng v\u1ec1 m\u1eb7t quy \u0111\u1ecbnh sau \u0110\u1ea1o lu\u1eadt GENIUS \u2013 \u0111\u00e3 \u0111\u1ecbnh v\u1ecb USDC nh\u01b0 m\u1ed9t ph\u01b0\u01a1ng ti\u1ec7n m\u1ea1nh m\u1ebd \u0111\u1ec3 c\u1ee7ng c\u1ed1 v\u1ecb th\u1ebf s\u1ed1 h\u00f3a c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 tr\u00ean kh\u1eafp c\u00e1c bi\u00ean gi\u1edbi v\u00e0 ng\u00e0nh ngh\u1ec1. Vi\u1ec7c \u0111\u1ed3ng ti\u1ec1n n\u00e0y ng\u00e0y c\u00e0ng \u0111\u01b0\u1ee3c c\u00e1c t\u1ed5 ch\u1ee9c ch\u1ea5p nh\u1eadn v\u00e0 kh\u1ea3 n\u0103ng t\u01b0\u01a1ng t\u00e1c c\u1ee7a n\u00f3 v\u1edbi c\u00e1c n\u1ec1n t\u1ea3ng nh\u01b0 Alipay v\u00e0 AntChain b\u00e1o hi\u1ec7u s\u1ef1 h\u1ed9i t\u1ee5 gi\u1eefa c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng stablecoin c\u1ee7a M\u1ef9 v\u1edbi t\u1ea7m v\u01b0\u01a1n c\u1ee7a c\u00f4ng ngh\u1ec7 t\u00e0i ch\u00ednh Trung Qu\u1ed1c, <\/mark>theo \u0111\u00f3 c\u1ee7ng c\u1ed1 l\u1ee3i th\u1ebf c\u1ea1nh tranh c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la trong n\u1ec1n kinh t\u1ebf k\u1ef9 thu\u1eadt s\u1ed1 \u0111ang n\u1ed5i l\u00ean.<\/mark><\/strong><\/p>\n\n\n\n

H\u00e0m \u00fd \u0111\u1ed1i v\u1edbi t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u<\/strong><\/p>\n\n\n\n

Cu\u1ed9c c\u1ea1nh tranh ti\u1ec1n t\u1ec7 k\u1ef9 thu\u1eadt s\u1ed1 ng\u00e0y c\u00e0ng leo thang gi\u1eefa M\u1ef9 v\u00e0 Trung Qu\u1ed1c l\u00e0 m\u1ed9t cu\u1ed9c c\u1ea1nh tranh chi\u1ebfn l\u01b0\u1ee3c nh\u1eb1m gi\u00e0nh \u1ea3nh h\u01b0\u1edfng \u0111\u1ed1i v\u1edbi t\u01b0\u01a1ng lai c\u1ee7a t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u. Trong khi Trung Qu\u1ed1c t\u00edch c\u1ef1c qu\u1ea3ng b\u00e1 e-CNY v\u1edbi hy v\u1ecdng thi\u1ebft l\u1eadp m\u1ed9t h\u1ec7 th\u1ed1ng ti\u1ec1n t\u1ec7 \u0111a c\u1ef1c, M\u1ef9 l\u1ea1i \u0111ang t\u1eadn d\u1ee5ng stablecoin \u0111\u1ec3 c\u1ee7ng c\u1ed1 s\u1ef1 th\u1ed1ng tr\u1ecb c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la trong c\u00e1c giao d\u1ecbch k\u1ef9 thu\u1eadt s\u1ed1.<\/mark><\/strong><\/p>\n\n\n\n

Cu\u1ed9c c\u1ea1nh tranh n\u00e0y g\u00f3p ph\u1ea7n t\u1ea1o ra m\u1ed9t b\u1ed1i c\u1ea3nh ti\u1ec1n t\u1ec7 to\u00e0n c\u1ea7u ph\u00e2n m\u1ea3nh, n\u01a1i nhi\u1ec1u lo\u1ea1i ti\u1ec1n k\u1ef9 thu\u1eadt s\u1ed1 kh\u00e1c nhau c\u00f9ng t\u1ed3n t\u1ea1i, m\u1ed7i lo\u1ea1i \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi c\u00e1c kh\u1ed1i \u0111\u1ecba ch\u00ednh tr\u1ecb kh\u00e1c nhau. <\/strong>S\u1ef1 ph\u00e2n m\u1ea3nh n\u00e0y c\u00f3 th\u1ec3 l\u00e0m t\u0103ng chi ph\u00ed giao d\u1ecbch v\u00e0 l\u00e0m ph\u1ee9c t\u1ea1p th\u01b0\u01a1ng m\u1ea1i qu\u1ed1c t\u1ebf; tuy nhi\u00ean, n\u00f3 c\u0169ng ph\u1ea3n \u00e1nh b\u1ea3n ch\u1ea5t \u0111ang thay \u0111\u1ed5i c\u1ee7a c\u00e1c c\u1ea5u tr\u00fac quy\u1ec1n l\u1ef1c kinh t\u1ebf to\u00e0n c\u1ea7u.<\/p>\n\n\n\n

D\u1eef li\u1ec7u g\u1ea7n \u0111\u00e2y \u0111\u00e3 minh h\u1ecda b\u1ed1i c\u1ea3nh \u0111ang thay \u0111\u1ed5i n\u00e0y. T\u1ef7 tr\u1ecdng c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 trong d\u1ef1 tr\u1eef ngo\u1ea1i h\u1ed1i to\u00e0n c\u1ea7u \u0111\u00e3 gi\u1ea3m t\u1eeb h\u01a1n 70% v\u00e0o \u0111\u1ea7u nh\u1eefng n\u0103m 2000 xu\u1ed1ng c\u00f2n kho\u1ea3ng 59% v\u00e0o cu\u1ed1i n\u0103m 2021, theo d\u1eef li\u1ec7u d\u1ef1 tr\u1eef ngo\u1ea1i h\u1ed1i c\u1ee7a IMF (COFER). Nguy\u00ean nh\u00e2n l\u00e0 do c\u00e1c qu\u1ed1c gia \u2013 \u0111\u1eb7c bi\u1ec7t l\u00e0 trong kh\u1ed1i BRICS \u2013 theo \u0111u\u1ed5i c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111a d\u1ea1ng h\u00f3a d\u1ef1 tr\u1eef. V\u00ed d\u1ee5, c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u1edf c\u00e1c th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i \u0111\u00e3 mua h\u01a1n 244 t\u1ea5n v\u00e0ng ch\u1ec9 trong qu\u00fd \u0111\u1ea7u ti\u00ean c\u1ee7a n\u0103m 2025, m\u1ee9c cao nh\u1ea5t trong m\u1ed9t qu\u00fd trong nh\u1eefng n\u0103m g\u1ea7n \u0111\u00e2y, b\u00e1o hi\u1ec7u m\u1ed9t n\u1ed7 l\u1ef1c ph\u1ed1i h\u1ee3p \u0111\u1ec3 ph\u00f2ng b\u1ecb n\u01b0\u1edbc \u0111\u00f4i tr\u01b0\u1edbc s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o \u0111\u1ed3ng \u0111\u00f4 la v\u00e0 t\u0103ng c\u01b0\u1eddng kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i tr\u01b0\u1edbc c\u00e1c c\u00fa s\u1ed1c \u0111\u1ecba ch\u00ednh tr\u1ecb v\u00e0 ti\u1ec1n t\u1ec7.<\/p>\n\n\n

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Nh\u1eefng thay \u0111\u1ed5i v\u1ec1 d\u1ef1 tr\u1eef n\u00e0y ch\u1ec9 ra nh\u1eefng thay \u0111\u1ed5i s\u00e2u s\u1eafc h\u01a1n v\u1ec1 m\u1eb7t c\u1ea5u tr\u00fac trong t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u. C\u00e1c t\u1ed5 ch\u1ee9c nh\u01b0 IMF \u0111\u00e3 c\u1ea3nh b\u00e1o r\u1eb1ng hi\u1ec7u qu\u1ea3 thanh to\u00e1n c\u1ee7a ti\u1ec1n k\u1ef9 thu\u1eadt s\u1ed1 c\u00f3 th\u1ec3 b\u1ecb \u201cb\u00f9 tr\u1eeb b\u1edfi nh\u1eefng th\u00e1ch th\u1ee9c \u0111\u1ed1i v\u1edbi m\u1ea1ng l\u01b0\u1edbi an to\u00e0n t\u00e0i ch\u00ednh trong \u0111i\u1ec1u ki\u1ec7n c\u0103ng th\u1eb3ng,\u201d \u0111\u1eb7c bi\u1ec7t l\u00e0 trong m\u1ed9t th\u1ebf gi\u1edbi c\u00f3 c\u00e1c ch\u1ebf \u0111\u1ed9 ti\u1ec1n k\u1ef9 thu\u1eadt s\u1ed1 kh\u00e1c nhau. Nh\u01b0 IMF \u0111\u00e3 c\u1ea3nh b\u00e1o trong m\u1ed9t l\u01b0u \u00fd ch\u00ednh s\u00e1ch n\u0103m 2024, \u201cvi\u1ec7c chuy\u1ec3n sang c\u1ea5u tr\u00fac d\u1ef1 tr\u1eef \u0111a c\u1ef1c c\u00f3 th\u1ec3 y\u00eau c\u1ea7u c\u00e1c t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh d\u1ef1 tr\u1eef to\u00e0n c\u1ea7u m\u1edf r\u1ed9ng c\u00e1c bi\u1ec7n ph\u00e1p h\u1ed7 tr\u1ee3 thanh kho\u1ea3n\u201d \u2013 nh\u1ea5n m\u1ea1nh c\u00e1ch s\u1ef1 ph\u00e2n m\u1ea3nh k\u1ef9 thu\u1eadt s\u1ed1 c\u00f3 th\u1ec3 l\u00e0m suy y\u1ebfu ch\u00ednh s\u1ef1 \u1ed5n \u0111\u1ecbnh m\u00e0 c\u00e1c c\u00f4ng ngh\u1ec7 n\u00e0y \u0111ang mong mu\u1ed1n t\u0103ng c\u01b0\u1eddng.<\/mark><\/strong> S. Yash Kalash t\u1eeb Trung t\u00e2m \u0110\u1ed5i m\u1edbi Qu\u1ea3n tr\u1ecb Qu\u1ed1c t\u1ebf c\u0169ng \u0111\u01b0a ra c\u1ea3nh b\u00e1o t\u01b0\u01a1ng t\u1ef1, r\u1eb1ng c\u00e1c c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng t\u00e0i ch\u00ednh k\u1ef9 thu\u1eadt s\u1ed1 kh\u00e1c nhau c\u00f3 th\u1ec3 th\u00fac \u0111\u1ea9y \u201cs\u1ef1 ph\u00e2n m\u1ea3nh, bi\u1ebfn \u0111\u1ed9ng v\u1ec1 d\u00f2ng v\u1ed1n, v\u00e0 \u0111\u1ee9t g\u00e3y v\u1ec1 quy \u0111\u1ecbnh,\u201d \u0111\u1eb7c bi\u1ec7t l\u00e0 khi c\u00e1c qu\u1ed1c gia x\u00e2y d\u1ef1ng li\u00ean minh xung quanh c\u00e1c c\u00f4ng ngh\u1ec7 ti\u1ec1n t\u1ec7 c\u1ea1nh tranh v\u1edbi nhau.<\/p>\n\n\n\n

Nghi\u00ean c\u1ee9u th\u1ef1c nghi\u1ec7m \u1ee7ng h\u1ed9 xu h\u01b0\u1edbng n\u00e0y. M\u1ed9t nghi\u00ean c\u1ee9u n\u0103m 2025 c\u1ee7a Antonis Ballis \u0111\u00e3 ph\u00e1t hi\u1ec7n ra r\u1eb1ng r\u1ee7i ro gia t\u0103ng t\u1eeb c\u00e1c l\u1ec7nh tr\u1eebng ph\u1ea1t v\u00e0 s\u1ef1 suy gi\u1ea3m ni\u1ec1m tin v\u00e0o c\u00e1c m\u1ea1ng l\u01b0\u1edbi thanh to\u00e1n ph\u01b0\u01a1ng T\u00e2y \u0111ang \u0111\u1ea9y nhanh vi\u1ec7c \u00e1p d\u1ee5ng c\u00e1c h\u1ec7 th\u1ed1ng nh\u01b0 CIPS v\u00e0 c\u00e1c h\u1ec7 th\u1ed1ng thanh to\u00e1n ti\u1ec1n k\u1ef9 thu\u1eadt s\u1ed1 song ph\u01b0\u01a1ng c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng, do \u0111\u00f3 c\u1ee7ng c\u1ed1 \u201cs\u1ef1 ph\u00e2n m\u1ea3nh k\u1ef9 thu\u1eadt s\u1ed1 theo c\u00e1c ranh gi\u1edbi \u0111\u1ecba ch\u00ednh tr\u1ecb.\u201d Nghi\u00ean c\u1ee9u nh\u1ea5n m\u1ea1nh r\u1eb1ng c\u00e1c m\u1ea1ng l\u01b0\u1edbi nh\u01b0 v\u1eady \u0111ang ng\u00e0y c\u00e0ng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng kh\u00f4ng ch\u1ec9 v\u00ec hi\u1ec7u qu\u1ea3, m\u00e0 c\u00f2n nh\u01b0 m\u1ed9t c\u00f4ng c\u1ee5 ph\u00f2ng b\u1ecb n\u01b0\u1edbc \u0111\u00f4i kh\u1ecfi \u0111\u1ed3ng \u0111\u00f4 la.<\/p>\n\n\n\n

\u0110\u1ed3ng t\u00ecnh v\u1edbi quan \u0111i\u1ec3m n\u00e0y, nh\u00e0 kinh t\u1ebf h\u1ecdc Kenneth Rogoff, gi\u00e1o s\u01b0 \u0110\u1ea1i h\u1ecdc Harvard v\u00e0 c\u1ef1u nh\u00e0 kinh t\u1ebf tr\u01b0\u1edfng c\u1ee7a IMF, xem th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i l\u00e0 b\u01b0\u1edbc ngo\u1eb7t quan tr\u1ecdng nh\u1ea5t c\u1ee7a h\u1ec7 th\u1ed1ng ti\u1ec1n t\u1ec7 to\u00e0n c\u1ea7u k\u1ec3 t\u1eeb khi ch\u1ebf \u0111\u1ed9 b\u1ea3n v\u1ecb v\u00e0ng k\u1ebft th\u00fac.<\/strong> \u00d4ng nh\u1ea5n m\u1ea1nh r\u1eb1ng, \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 c\u00f3 kh\u1ea3 n\u0103ng m\u1ea5t th\u1ecb ph\u1ea7n \u2013 ch\u1ee7 y\u1ebfu v\u00e0o tay \u0111\u1ed3ng nh\u00e2n d\u00e2n t\u1ec7 v\u00e0 \u1edf m\u1ee9c \u0111\u1ed9 th\u1ea5p h\u01a1n l\u00e0 \u0111\u1ed3ng euro \u2013 nh\u01b0ng c\u00e1c lo\u1ea1i ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u0169ng \u0111ang l\u00e0m suy gi\u1ea3m s\u1ef1 th\u1ed1ng tr\u1ecb c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la trong n\u1ec1n kinh t\u1ebf ng\u1ea7m. S\u1ef1 thay \u0111\u1ed5i n\u00e0y \u0111\u00e3 di\u1ec5n ra trong h\u01a1n m\u1ed9t th\u1eadp k\u1ef7 do s\u1ef1 linh ho\u1ea1t ng\u00e0y c\u00e0ng t\u0103ng c\u1ee7a \u0111\u1ed3ng nh\u00e2n d\u00e2n t\u1ec7 v\u00e0 s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a c\u00e1c h\u1ec7 th\u1ed1ng thanh to\u00e1n thay th\u1ebf c\u1ee7a Trung Qu\u1ed1c. Nh\u1eefng xu h\u01b0\u1edbng n\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi c\u00e1c ch\u00ednh s\u00e1ch c\u1ee7a ch\u00ednh quy\u1ec1n Trump.<\/p>\n\n\n\n

Rogoff g\u1ee3i \u00fd trong m\u1ed9t cu\u1ed9c ph\u1ecfng v\u1ea5n v\u1edbi Financial Times<\/em> r\u1eb1ng \u0111\u1ed3ng \u0111\u00f4 la c\u00f3 th\u1ec3 v\u1eabn chi\u1ebfm \u01b0u th\u1ebf trong ng\u1eafn h\u1ea1n, nh\u01b0ng s\u1ebd ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng th\u00e1ch th\u1ee9c ng\u00e0y c\u00e0ng t\u0103ng khi tr\u1eadt t\u1ef1 ti\u1ec1n t\u1ec7 to\u00e0n c\u1ea7u ph\u00e1t tri\u1ec3n.<\/p>\n\n\n

\n
\"\"<\/figure>\n<\/div>\n\n\n

Qu\u00e1 tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i n\u00e0y kh\u00f4ng ph\u1ea3i l\u00e0 kh\u00f4ng c\u00f3 c\u00e1i gi\u00e1 ph\u1ea3i tr\u1ea3. \u0110\u1ed1i v\u1edbi c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh, s\u1ef1 ph\u00e2n m\u1ea3nh ng\u00e0y c\u00e0ng t\u0103ng c\u00f3 th\u1ec3 l\u00e0m gia t\u0103ng chi ph\u00ed ma s\u00e1t, gia t\u0103ng r\u1ee7i ro ti\u1ec1n t\u1ec7, v\u00e0 l\u00e0m ph\u1ee9c t\u1ea1p vi\u1ec7c tu\u00e2n th\u1ee7 quy \u0111\u1ecbnh gi\u1eefa c\u00e1c khu v\u1ef1c ph\u00e1p l\u00fd. \u0110\u1ed1i v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i, n\u00f3 mang l\u1ea1i m\u1ed9t \u0111\u1ed9ng l\u1ef1c hai m\u1eb7t: c\u01a1 h\u1ed9i v\u01b0\u1ee3t qua c\u00e1c \u0111i\u1ec3m ngh\u1ebdn do \u0111\u1ed3ng \u0111\u00f4 la chi ph\u1ed1i, nh\u01b0ng \u0111i k\u00e8m v\u1edbi \u0111\u00f3 l\u00e0 r\u1ee7i ro t\u1ea1o ra s\u1ef1 ph\u1ee5 thu\u1ed9c m\u1edbi \u2013 l\u1ea7n n\u00e0y l\u00e0 v\u00e0o c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng k\u1ef9 thu\u1eadt s\u1ed1 khu v\u1ef1c v\u00e0 c\u00e1c n\u1ec1n t\u1ea3ng c\u00f4ng ngh\u1ec7 t\u00e0i ch\u00ednh th\u1ed1ng tr\u1ecb. <\/strong>C\u00e1c t\u1ed5 ch\u1ee9c qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u nh\u01b0 IMF \u0111\u00e3 li\u00ean t\u1ee5c c\u1ea3nh b\u00e1o r\u1eb1ng s\u1ef1 ph\u00e1t tri\u1ec3n thi\u1ebfu \u0111\u1ed3ng b\u1ed9 c\u1ee7a ti\u1ec1n k\u1ef9 thu\u1eadt s\u1ed1 c\u00f3 th\u1ec3 l\u00e0m tr\u1ea7m tr\u1ecdng th\u00eam t\u00ecnh tr\u1ea1ng m\u1ea5t c\u00e2n b\u1eb1ng thanh kho\u1ea3n v\u00e0 l\u00e0m suy y\u1ebfu s\u1ef1 \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng trong th\u1eddi k\u1ef3 c\u0103ng th\u1eb3ng \u0111\u1ecba ch\u00ednh tr\u1ecb.<\/p>\n\n\n\n

X\u00e9t cho c\u00f9ng, cu\u1ed9c \u0111ua ti\u1ec1n k\u1ef9 thu\u1eadt s\u1ed1 gi\u1eefa M\u1ef9 v\u00e0 Trung Qu\u1ed1c kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t cu\u1ed9c ch\u1ea1y \u0111ua v\u0169 trang c\u00f4ng ngh\u1ec7 \u2013 n\u00f3 \u0111\u1ea1i di\u1ec7n cho s\u1ef1 t\u00e1i thi\u1ebft l\u1eadp h\u1ec7 th\u1ed1ng qu\u1ea3n tr\u1ecb ti\u1ec1n t\u1ec7 to\u00e0n c\u1ea7u. Khi c\u00e1c c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng c\u1ea1nh tranh d\u1ea7n tr\u1edf th\u00e0nh c\u00e1c kh\u1ed1i \u0111\u1ecba ch\u00ednh tr\u1ecb, t\u01b0\u01a1ng lai c\u1ee7a t\u00e0i ch\u00ednh xuy\u00ean bi\u00ean gi\u1edbi c\u00f3 th\u1ec3 s\u1ebd \u0111\u01b0\u1ee3c \u0111\u1ecbnh h\u00ecnh kh\u00f4ng ch\u1ec9 b\u1edfi hi\u1ec7u qu\u1ea3 hay kh\u1ea3 n\u0103ng \u0111\u1ed5i m\u1edbi, m\u00e0 c\u00f2n b\u1edfi m\u1ea1ng l\u01b0\u1edbi m\u00e0 c\u00e1c n\u1ec1n kinh t\u1ebf th\u1ebf gi\u1edbi l\u1ef1a ch\u1ecdn tin t\u01b0\u1edfng. Trong k\u1ef7 nguy\u00ean m\u1edbi n\u1ed5i n\u00e0y, ch\u00ednh tr\u1ecb v\u1ec1 kh\u1ea3 n\u0103ng t\u01b0\u01a1ng t\u00e1c gi\u1eefa c\u00e1c h\u1ec7 th\u1ed1ng, kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn, v\u00e0 ch\u1ee7 quy\u1ec1n s\u1ebd \u0111\u1ecbnh h\u00ecnh t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u h\u01a1n bao gi\u1edd h\u1ebft.<\/p>\n\n\n\n

Yingfan Chen<\/strong>
Nghi\u00ean c\u1ee9u vi\u00ean t\u1ea1i Vi\u1ec7n H\u1ea3i Qu\u1ed1c \u0110\u1ed3 Tr\u00ed (Intellisia Institute). C\u00f4 c\u0169ng l\u00e0 nghi\u00ean c\u1ee9u sinh Ti\u1ebfn s\u0129 ng\u00e0nh Khoa h\u1ecdc Ch\u00ednh tr\u1ecb t\u1ea1i \u0110\u1ea1i h\u1ecdc T\u1ebf Nam.<\/em>
Dingding Chen<\/strong>
Vi\u1ec7n tr\u01b0\u1edfng Vi\u1ec7n H\u1ea3i Qu\u1ed1c \u0110\u1ed3 Tr\u00ed.<\/em><\/p>\n\n\n\n

Ngu\u1ed3n tr\u00edch: Nghi\u00ean C\u1ee9u Qu\u1ed1c T\u1ebf<\/strong>
https:\/\/nghiencuuquocte.org\/2025\/07\/25\/tien-dien-tu-va-cuoc-chien-my-trung-gianh-quyen-lanh-dao-tai-chinh-toan-cau\/#more-62786<\/p>\n\n\n\n

\u1ea2nh minh ho\u1ea1: V\u1eadn H\u1ed9i M\u1edbi<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Ngu\u1ed3n: Yingfan Chen, Dingding Chen, \u201cWho Will Rule Crypto? The China-US Battle for Global Financial Leadership,\u201d\u00a0The Diplomat,\u00a022\/07\/2025 Bi\u00ean d\u1ecbch: Nguy\u1ec5n Th\u1ecb Kim Ph\u1ee5ng Cu\u1ed9c \u0111ua ti\u1ec1n k\u1ef9 thu\u1eadt s\u1ed1 gi\u1eefa M\u1ef9 v\u00e0 Trung Qu\u1ed1c kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t cu\u1ed9c ch\u1ea1y \u0111ua c\u00f4ng ngh\u1ec7, m\u00e0 c\u00f2n l\u00e0 m\u1ed9t cu\u1ed9c t\u00e1i thi\u1ebft h\u1ec7\u0111\u1ecdc ti\u1ebfp…<\/a><\/span><\/p>\n","protected":false},"author":2,"featured_media":25808,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[7,8,9,53],"tags":[165,118,212,206,119,82,98],"class_list":["entry","author-ntviet","post-25802","post","type-post","status-publish","format-standard","has-post-thumbnail","category-binhluan","category-chinhtri-xahoi","category-kinhte","category-kinhte-chinhtri","tag-binh-luan","tag-chinh-tri","tag-chuyen-de","tag-dia-chinh-tri","tag-hoa-ky","tag-kinh-te","tag-trung-cong"],"_links":{"self":[{"href":"https:\/\/vanhoimoi.org\/index.php?rest_route=\/wp\/v2\/posts\/25802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vanhoimoi.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vanhoimoi.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vanhoimoi.org\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/vanhoimoi.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25802"}],"version-history":[{"count":0,"href":"https:\/\/vanhoimoi.org\/index.php?rest_route=\/wp\/v2\/posts\/25802\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vanhoimoi.org\/index.php?rest_route=\/wp\/v2\/media\/25808"}],"wp:attachment":[{"href":"https:\/\/vanhoimoi.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vanhoimoi.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vanhoimoi.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}