When Donald Trump leaves the White House, all of America’s problems will be resolved. All kidding aside, the Biden administration is expected to turn around by cryptophiles and economists on the issue of cryptocurrencies and a digital dollar that has fallen behind the digital yuan.
China, an electronic payment giant
British economist and historian Niall ferguson suggests that United States are taking a specific approach in the cryptocurrency industry instead of building a copy of the Chinese payment system.
In an article on Bloomberg published on November 30, 2020, Ferguson noted the rapid advance of China in the deployment of its digital yuan and the growing use of mobile payment applications in the country.
Alipay and WeChat Pay would process nearly $ 40 trillion in transactions per day.
The economist believes that the China serves as a benchmark for several countries developing cross-border payment and fund transfer systems.
Governments that seek to resist Chinese economic influence, such as theIndia for example, build their own version of the Chinese payment system.
When an economist defends Bitcoin
Niall ferguson not recommended for the administration Biden to adopt the same strategy by creating a digital Chinese dollar.
Ferguson indicates that this administration should instead recognize the benefits of integrating Bitcoin (BTC) in the American financial system – it got off to a bad start with a Biden who surrounds himself with a pessimistic financier about Bitcoin (BTC).
For him, the financial data of law-abiding individuals is better protected by Bitcoin thatAlipay.
The American authorities already have regulatory mechanisms related to the use of Bitcoin.
TheInternal revenue service requires individuals to report their cryptocurrency holdings and Federal bureau of investigation would examine cases of money laundering via cryptocurrency.
Will the dollar tremble when the digital yuan is launched? Is the United States underestimating the strength of the Chinese CBDC or is it right to take its time and opt for a “wait and see” strategy? The Trump administration proposed the creation of a digital dollar to distribute the $ 1,200 in aid for losses due to the covid-19 pandemic. The proposal was rejected and uncovered the true face of a fake Bitcoin. Will the Biden administration take another shot? If she finds her account – her and her banker friends – why not ?
Litecoin, welcome in the Silver Age