Brian Armstrong sees China’s CBDC as a threat to the United States as it will disrupt the United States reserve currency in the long run so let’s read more in our latest cryptocurrency news.
Brian Armstrong sees China’s CBDC as a major threat to the US and he discussed his concerns with heads of government agencies and lawmakers. Armstrong had a meeting with Jerome Powell and Paul Ryan two months ago but the meeting wasn’t made public until the publication of Powell’s meeting calendar a few days ago. The calendar disclosed that the meeting between the former speaker of the House of Reps Raul Ryan, Powel, and Armstrong lasted only 30 minutes.
1/ I spent most of this week in DC meeting with members of Congress and heads of various federal agencies, along with @RonConway @katie_haun and @iampaulgrewal.
— Brian Armstrong (@brian_armstrong) May 15, 2021
The meeting happened before the Federal Reserve announced the upcoming release of a discussions paper about CBDC and for now, no one can really say why the former representative was there since he is working with Solamere Capital. The meeting calendar that was launched in public didn’t disclose what topics under discussion happened. But from what Armstrong mentioned, the meeting was to clarify the lawmakers’ doubts about crypto and to gain more insight into the regulatory issues around the technology in the US. In his tweets, Coinbase’s CEO mentioned that he declared his opinion on the CBDC that china is testing. Of course, China started testing the digital yuan when they started giving away funds to customers to use on outlets participating in the Double Fight Shopping festival.
China already mapped out a new strategy to test 500,000 customers in 11 regions. The customers had to download the app to get a wallet and receive a digital currency to spend and get some discounts from the stores that are taking part in the process and the results of these tests were quite positive. So, Armstrong argued that the US has to be fast in creating a digital currency of its own or suffer the threat from China. He also announced that the US will commence the research on implementing a CBDC.
The United States Federal Chairperson Jerome Powell said that the US has to issue a CBDCs. He outlined that the main thing to concentrate on is to execute the CBDC rightly and not necessarily to be on the first country that launches it. He is still saying the same but he mentioned other plans to release a CBDC and digital payments discussions later in 2021. While the USA is yet to release a paper, China’s pursuit of its CBDC is getting more and more credence.
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