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- Weiss Crypto Ratings is a US-based agency that provides unbiased ratings over the Stock market, Financial Institutions, Cryptocurrencies, and Mutual Funds.
- Bank of America had anticipated that China’s Central Bank Digital Currency (CBDC) could expose the American Dollar to risk.
- Weiss says The only thing that China’s CBDC could do is increase its control and vigilance over those using it.
Weiss Crypto Ratings is a US-based agency that provides unbiased ratings over the Stock market, Financial Institutions, Cryptocurrencies, and Mutual Funds. In a recent tweet by Weiss Crypto Ratings, it has said that for a long time, Bank of America had anticipated that China’s Central Bank Digital Currency (CBDC) could expose the American Dollar to risk. Further addedy2u/j end the US Dollar’s supremacy in international payments. However, they have confirmed that this won’t happen. The only thing that China’s CBDC could do is increase its control and vigilance over those using it. Link to the Twitter thread:
BoA researchers anticipate that China's national digital currency could jeopardize dollar's global hegemony as dominant currency for international payments. No it won't. The only thing Chinese #CBDC is going to do is further increase control and oversight over those using it.
— Weiss Crypto (@WeissCrypto) July 8, 2020
Despite Digital Yuan’s Rollout, People Will Still Prefer US Dollar
Ever since the China government has started its pilot programs over the official launch of its digital currency, the debate of it overtaking potential international currencies has begun. While some people think that with the dawn of the virtual Yuan, China’s economy will be even more powerful and could have a huge impact on the leading international currencies, including Bitcoin.
Whereas some people think that China’s CBDC was never a threat to global currencies. For instance, Henry Paulson, former Treasury Secretary to the US Government, has said that the so hyped China’s CBDC to affect Dollar’s status worldwide is not a serious concern at all. He says that despite the digital Yuan’s rollout, people will continue to prefer Dollar on which important commodities such as oil, crude depend.
