U.S. Vs. China: who will win the digital currency war?
The U.S. needs to embrace privacy-focused crypto in order to compete with China’s digital RMB. Co-founder and managing partner at Electric Capital, Avichal Garg, is convinced the only way for the U.S. to catch up with China in the digital currency war is by embracing privacy-focused cryptocurrency.According to Garg, the Chinese are already far ahead of the U.S. in the digital currency race – their DCEP, or Digital Currency Electronic Payment, is due to launch by the end of the year. That is why developing a US digital dollar might not be enough to compete, given the long time it will take....
Related News
China is giving away 10 million yuan in its central bank digital currency in Beijing. Recipients can spend the digital yuan during the Chinese New Year festival. Beijing has become the third major city in China to test the central bank digital currency. 50,000 People to Receive Free Digital Yuan China is actively testing its central bank digital currency (CBDC). Beijing is the next city to receive a digital yuan airdrop. The Beijing municipal government announced over the weekend that it will hand out a total of 10 million yuan ($1.55 million) to 50,000 people in the city who register for....
China has been developing its central bank digital currency (CBDC), the Digital Yuan, for over seven years. The project has come to a critical test phase and it’s ready to be used by the citizens. A report by CNBC confirms that China will give around $6.2 million in its digital currency to lucky people living […]
With years of public investment and plenty of penetration for its phone makers, China is well placed to establish a digital currency in Africa.
Several U.S. lawmakers have introduced a bill to prohibit app platforms in the country from hosting apps that enable transactions using China’s central bank digital currency, the digital yuan. “The Chinese Communist Party will use its digital currency to control and spy on anyone who uses it. We can’t give China that chance,” said the senator who introduced the bill.
Defending Americans from Authoritarian Digital Currencies Act
U.S. Senator Tom Cotton (R-Arkansas) introduced the “Defending Americans from Authoritarian Digital Currencies....
While there is an unclear future for digital currency development under Joe Biden’s presidency, China is leading the race. The world is engaging in financial warfare, and China is winning. China’s digital yuan — also referred to as Digital Currency Electronic Payment, or DCEP — will soon be used around the world. The People’s Bank of China is one of the most advanced central banks in the world. For that reason, it has been advancing on the digital currency front, while by all appearances, the United States Federal Reserve has not.And now that Donald Trump and his “America First” policy has....