Assessment: In May 2021 China banned financial institutions and payment companies from providing services related to cryptocurrency transactions. On January 4, 2022 China launched its pilot central bank digital yuan. The US is behind and is quietly panicking …
President Joe Biden plans to sign an executive order on Wednesday to study the concept of a “digital dollar” currency to compete with Bitcoin.
A digital dollar would be easier for the federal government of the United States to control than cash but make it more susceptible to inflation and government controls than open-source currencies like Bitcoin.
The primacy of the dollar — the U.S. dollar — it’s underpinned by fundamental advantages that the United States has held for a long time and continues to hold: credible and longstanding commitments to transparency, our rule of law, the contractual obligations and rights that everyone enjoys, the deepest and most liquid financial markets in the world, sound economic governance, and the full independence of our Federal Reserve system.