Coinbase CEO Brian Armstrong: China’s Digital Yuan is a threat to the U.S. reserve currency

In meetings with the Federal Reserve chairman Paul Ryan, the CEO of Coinbase, Brian Armstrong said the digital Yuan is a threat to the U.S. reserve currency.

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The CEO of Coinbase, Brian Armstrong (on the left) and the Federal Reserve chairman and former House of Representatives Speaker Paul Ryan (on the right)

Brian Armstrong: Digital Yuan can potentially overthrow the US dollar

According to Jerome Powell’s conference schedule, he met some big names. Most of the discussion revolves around the American central bank digital currency (CBDC). And also the countries that have led the game.

Then Armstrong met with Ryan to talk about cryptocurrencies. There is a lot of talk about an American CBDC. In May, the Fed Chair held several meetings with members of the cryptocurrency and blockchain industry.

Moreover, many people participated in the meetings about the CBDC. This includes the Digital Dollar Project’s Chris Giancarlo, Jamie Dimon the CEO of JPMorgan Chase. Also, Brian Armstrong, the CEO of Coinbase, and more. Armstrong explained the meetings he had with others in 21 separate tweets.

“I spent most of this week in DC meeting with members of Congress and heads of various federal agencies. The goal was to establish relationships and help answer questions about crypto. And to see what we can do to help the US get more regulatory clarity in this space, as part of the newly formed Crypto Council for Innovation,” Armstrong said.

In addition, he said that cryptocurrencies are as important as the birth of the Internet. This has to do with jobs, GDP growth, and the innovation it can build. “The U.S. will need to be a major player in crypto to stay relevant long term,” added Armstrong.

Furthermore, Armstrong said that he thinks China’s digital yuan represents a threat to the U.S. dollar. He said that it is true that they are moving quickly on it. And he believes it represents a threat to the US reserve currency status in the long term if the US does not quickly create its own money.

He further wrote that the U.S. doesn’t have a lot of clarity about regulatory policy and rules. “Some cryptos might be securities (SEC), some are commodities (CFTC), some are currencies/property (Treasury/IRS), and some are none of the above,” Armstrong said. In addition, he said it’s a bit of a jump ball across existing federal regulators.

The US building a national digital currency is likely to happen.

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