The digital US dollar is likely to appear even earlier than anticipated. The advantage it can give to the United States in restraining China can boost the development of the project.
Such a suggestion came from Frederick Kempe, CEO of the Atlantic Council. He believes that Beijing will use the digital yuan to undermine the US dollar’s global dominance. Therefore, the US should waste no time and create its own virtual currency, he reckons.
Currently, the US authorities are still sceptical about the possibility of the digital dollar. Meanwhile, China has achieved certain success in this field. In fact, China and Sweden have obtained the greatest results among all 70 countries engaged in the development of a virtual national currency. Frederick Kempe claims that China will have a head start in creating a national digital currency anyway. Its strongest card will be the fact that the country neglects to protect the personal data of its citizens. Unlike the US, China cares little about privacy and personal data.
Notably, the digital dollar has many supporters, including US Treasury Secretary Janet Yellen and Fed Chair Jerome Powell.
