China’s advancement towards the launch of the digital Yen may have triggered the US. The US Senate has arranged a panel this coming Thursday to discuss the launch of the digital Dollar. With China on the verge of launching and pilots of the virtual renminbi, the tension for launching a digital dollar has increased.
For the past few months, the debate of the Digital Yuan dominating the traditional US fiat currency has increased. Some people think that the rollout of China’s digital currency may affect and in the worst-case scenario may even the US Dollar’s dominance in international trading. On the contrary, many analysts think that China’s central bank digital currency (CBDC) can never compete with the US dollar.
Build Strategies To Stop China’s Influence In The Digital Currency World
The panel scheduled to held on Thursday has a title called ‘US-China: Winning the Economic Competition’. Issuance of a potential stablecoin along with the traditional US fiat is what will be discussed in the panel. In jist, the US Senate will decide strategies to curb China’s growing influence in the digital world. The panel consists of Senator Tom Cotton as the chair along with prominent cryptocurrency experts, J. Christopher Giancarlo. Giancarlo is a renowned Bitcoin advocate, who is currently a Senior Counsel at New York-based Willkie Farr and Gallagher. He has also been the chairman of Commodity Future Tradings Commission (CFTC).
The New Digital Dollar System Will Work Alongside With The Existing System
Giancarlo in an interview with Forbes explained that his biggest concern is to redesign and modernize the US fiat in such a way that is both attractive and technologically sound in the digital world of the 21st century. However, the launch of the digital currency system won’t mean that the US Dollar will be abolished. Rather, the digital currency would operate side by side the Dollar system. Giancarlo has personally suggested this project. This is because he wants to push the economy of the country in these unprecedented times. The righteous use of technology can help in building the economy again.
However, there’s no hard-core compulsion that the project has to be government-based. Co-operation and help from the private sectors are necessary for the project to become successful. Giancarlo said that he is expecting a similar response from the US government back when it laid the basic foundation of the Internet.
