• China is rapidly becoming a global digital currency power.
• Billionaire Michael Novogratz warned that the Chinese central bank’s digital currency could weaken US reserves.
• Some US politicians are cautious about adopting cryptocurrency networks. Billionaire Michael Novogratz warned that China's blockchain and cryptocurrency revolution could weaken US reserves. In the early warning, he stressed that China has taken the lead in areas such as financial technology, and the United States is only catching up.
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His remarks were made after China announced that it would further promote the development of the blockchain and upgrade the renminbi into a global currency. Chinese President Xi Jinping recently expressed support for the development of the blockchain industry in the statement, which affirmed the government's position in the blockchain industry and the recognition of the development potential of the blockchain.
Just last week, Huawei signed an agreement with the Central Bank of China on the development of blockchain. Obviously, this move is for the rapid development of the renminbi-based digital currency (DC/EP).
During the Libra Senate hearing last month, Facebook CEO Mark Zuckerberg had previously expressed concern about the Chinese government's entry into the cryptocurrency sector.
At the meeting, he urged legislators to support the Libra network, while emphasizing that countries such as China are about to surpass the United States in this new field. He asserted that the government would have to create a digital dollar currency to secure financial leadership.
Fed growth pressure
In light of these events, some prominent US lawmakers have called for the Fed to provide a similar platform. US Federal Trade Commission member Rohit Chopra has asked the Fed to speed up the development and launch of the long-awaited "FedNow Service."
The service plan is an all-weather payment system that will allow instant fund transfers across the country in a manner similar to a blockchain network. In a letter to the Federal Reserve Board, Rohit asked the agency to act quickly to prevent large private companies from taking control of critical currency infrastructure. It is not clear whether the federal network will be based on cryptocurrency.
When it comes to encrypted networks, some people object to this idea. For a type with a clearing house, and the clearing house provides rapid remittances and trial and error, some politicians, such as Dr. Ron Paul, question the relevance of such a system.
As far as the current situation is concerned, only time will reveal the ultimate winner of this multiple competition.