{"id":67472,"date":"2022-09-21T11:55:21","date_gmt":"2022-09-21T08:55:21","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=67472"},"modified":"2025-09-07T06:47:17","modified_gmt":"2025-09-07T03:47:17","slug":"us-officials-call-for-launching-a-cbdc-to-compete-with-china","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/us-officials-call-for-launching-a-cbdc-to-compete-with-china\/","title":{"rendered":"US officials call for launching a CBDC to compete with China"},"content":{"rendered":"<p>China&#8217;s efforts in developing the digital yuan (e-CNY) could harm the U.S. economy and undermine the dollar&#8217;s status as the world&#8217;s reserve currency. This conclusion was reached by participants in a hearing of the House Financial Services Committee.<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Under the Radar: Alternative Payment Systems and the National Security Impacts... (EventID=115144)\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/UEH6D6-_Aww?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div>\n<\/figure>\n<p>Five committee members voted in favour of developing a national \u201cstablecoin\u201d or <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-central-bank-digital-currency-cbdc\">CBDC<\/a>, citing competition from China. The procedure was for clarifying the position, not a direct call to action, writes <a href=\"https:\/\/decrypt.co\/110197\/us-digital-currency-a-unanimous-need-to-compete-with-china-house-committee\">Decrypt<\/a>.<\/p>\n<p>Also invited to the hearing were Ari Redbord, head of Legal Affairs and Government Relations at TRM Labs, and Jonathan Levin, co-founder of Chainalysis.<\/p>\n<p>The latter noted that in developing a financial instrument the U.S. should protect both property rights and privacy. Redbord agreed with Levin&#8217;s position on the need for \u201ca digital asset that upholds values,\u201d so that potential investors have the option to buy it instead of the e-CNY.<\/p>\n<p>The speakers expressed concern about the threat posed by China&#8217;s growing financial presence as a competitor to the U.S. economy. In particular, Republican Congressman French Hill said authorities should take steps to preserve the dollar as the \u201cworld&#8217;s reserve currency.\u201d<\/p>\n<p>Atlantic Council research fellow Dr. Carla Norrlof noted that the PRC is developing a CBDC precisely to compete with the U.S. dollar. She did not rule out that the United States would feel pressure from other states.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;This is not simply a problem [related to] China; it is a broader problem. Currently, around 104 countries are studying CBDCs.&#8221;<\/p>\n<\/blockquote>\n<p>Earlier, China <a href=\"https:\/\/u1f987.com\/en\/news\/china-expands-digital-yuan-testing-to-four-provinces\">expanded testing of the digital yuan<\/a> in Sichuan, Hebei, Jiangsu and Guangdong.<\/p>\n<p>In spring 2022, former head of the People&#8217;s Bank of China Zhou Xiaochuan noted that the e-CNY is primarily <a href=\"https:\/\/u1f987.com\/en\/news\/former-chinese-central-bank-chief-sees-no-threat-to-swift-or-other-currencies-from-the-digital-yuan\">intended for the general public and merchants<\/a>, and not to replace SWIFT or &#8220;turn currency into a weapon&#8221;.<\/p>\n<p>In March, US Senator Pat Toomey <a href=\"https:\/\/forklog.io\/senator-pet-tumi-uvidel-v-tsifrovom-yuane-ugrozu-dlya-natsbezopasnosti-ssha\/\">warned<\/a> about the threat of the digital yuan to US national security.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>China&#8217;s push on the digital yuan could harm the US economy and undermine the dollar&#8217;s status as the world&#8217;s reserve currency, according to participants at a House Financial Services Committee hearing.<\/p>\n","protected":false},"author":1,"featured_media":67473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,133,26],"class_list":["post-67472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-china","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=67472"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67472\/revisions"}],"predecessor-version":[{"id":67474,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/67472\/revisions\/67474"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/67473"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=67472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=67472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=67472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}