Cryptocurrency
Why Cryptocurrency Matters In The Coming Fight Between The Digital Yuan And Dollar
Forbes reports, “With increasing US-China tensions, and an increase in the demand for the digital dollar after inefficiencies in the stimulus process for coronavirus were detected, China and the United States, the world’s two largest economics, might look to converge towards digital versions of their domestic currency. “Central banks around the world from Europe to […]
Forbes reports, “With increasing US-China tensions, and an increase in the demand for the digital dollar after inefficiencies in the stimulus process for coronavirus were detected, China and the United States, the world’s two largest economics, might look to converge towards digital versions of their domestic currency.
“Central banks around the world from Europe to China are rushing to pilot and understand digital currency variants. China and the United States are just the most relevant and perhaps the most notable.
“The digital yuan, China’s DCEP, has been in the works for quite a while. While the Federal Reserve denies that an American variant is being actively developed, theFed has already assessed the possibility and legistators in Congress from the Senate to the House have looked into creating a digital variant of the dollar and asked for testimony on the subject.
It seems like a digital dollar and a digital yuan might be coming, and it is likely they would compete on a number of different dimensions. With the digitization of conventional currencies, there will be some competition with cryptocurrencies. What role do cryptocurrencies play between a digital dollar and yuan, and why does it matter to have cryptocurrencies around?”