“The US Needs to Launch a CBDC to Compete with China”

According to participants in the hearings in the Committee on Financial Services of the US House of Representatives, China’s efforts to work on a digital yuan could negatively impact the US economy and deprive the dollar of its status as a world reserve currency.

The committee’s five speakers voted in favor of developing a national stablecoin, or CBDC, citing competition from China. It is important to take into account that the procedure was carried out to clarify the position, and not a direct call to action.

TRM Labs Head of Legal and Government Relations Ari Redbord and Chainalysis co-founder Jonathan Levin have also taken part in the meeting.

According to Levin, when developing a financial instrument, the US must protect both property rights and privacy rights.