Former US government officials participate in digital currency war simulation exercises, proving that China’s CBDC will pose a potential threat to the United States

According to CoinDesk, several scholars from Harvard University and MIT (most of whom were senior US government officials) participated in a crisis simulation of digital currencies simulated by the Bellver Science and International Affairs Research Center of Harvard University's Kennedy School. In this simulation exercise, the digital currency issued by the People's Bank of China (CBDC) undermined the dominant position of the US dollar in the global financial system, and North Korea used digital renminbi to manufacture and test nuclear missiles, which perfectly evaded the financial sanctions imposed by Washington. Malicious actors have successfully stolen $3 billion from the SWIFT communications network, pushing other countries to the digital renminbi. This exercise means that the US dollar is used as a weapon for economic sanctions, but if another currency becomes more interesting and more feasible, the situation may change. The role of the digital currency tsar and presidential adviser in the simulation exercise said, "I hope this simulation will let people really think about the impact of digital currency and let people think now rather than afterwards, and think that this exercise can be used as a template or guide. To start the topic of digital currency.” Government and academics participating in the model exercise include former US Secretary of Defense Ash Carter, former Commodity Futures Trading Commission Chairman Gary Gensler, former Deputy Secretary of State for Political Affairs Nicholas Burns, and former US Treasury Deputy Assistant Minister Jennifer Fowle, former Special Assistant and National Security Associate Advisor Meghan O'Sullivan, former Secretary of Defense Eric Rosenbach, former Finance Minister Lawrence Summers, former Ambassador to India Richard Verma, MIT Digital Money Program Director Narula and Belfer Center Executive Director Aditi Kumar.