U.S. officials examining digital Yuan's potential threat
China is currently live-testing its central bank digital currency, the digital Yuan, and the United States is investigating the potential threats of the currency to the U.S. Dollar. The U.S. Dollar is the global reserve currency, and the Biden administration is concerned that China could disrupt that with its CBDC.
U.S. concerned about China's digital Yuan
The United States is reportedly monitoring the development of the digital Yuan. The Biden administration is concerned that China will use the digital Yuan to circumvent sanctions and affect the dollar's dominance as the global reserve currency.The U.S. Dollar has been the global reserve currency for decades. It is the major currency of exchange in the global economy. However, with China now the second-largest economy and growing in dominance, the United States is afraid that it could challenge the dollar's position as the global reserve currency.
Sources close to the Biden administration told Blomberg that officials at the U.S. Treasury, State Department, Pentagon and National Security Council are all analyzing the short and long-term effects of the digital Yuan on the U.S. Dollar.
China leads the way in CBDC development
China didn't waste any time in developing its central bank digital currency. The Asian giant began developing the digital Yuan in 2019, at a time when most central banks were attacking the cryptocurrency space.The People's Bank of China (PBoC) worked with some of the largest state-owned banks and payments giants Tencent and Ant Financial, to develop the digital Yuan. The CBDC project underwent multiple tests, and it is currently in a live-testing phase.
In contrast, the United States Federal Reserve, the European Central Bank, and the Bank of Japan are now seeing the need for a CBDC and are researching the best ways to develop and distribute them.
Thanks to China's swift move, it is in pole position to be the first major economy to issue a digital currency, giving it a headstart against the major competitors such as the United States, Japan, and Europe.
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