The U.S. Senate Banking, Housing and Urban Affairs Subcommittee on Economic Policy conducted a hearing on “Winning the Economic Competition” between China and the U.S. on Wednesday.
The U.S. must be closely monitoring China's own CBDC development, and they are going to respond with the digital dollar; I don't think any of this countries want their CBDC to be like bitcoin or are creating it because of the bitcoin. This imo is purely political and a way of improving their economy. Since the digital dollar/yuan is not decentralized, so it's not like it's an alternative to the bitcoin.What I'm foreseeing is that the competition is going to be between the CBDC's of the different countries about to launch them and not bitcoin, it'll be interesting to see how they are going to use it, and it's goals.
I agree. It is obvious that all this is primarily political steps and statements. We do not really know at what stage the development of digital currencies is now in China and the United States. But I am sure that we will hear a great many more loud statements from both countries. What happens at the output is a big question. But one thing is for sure, the United States is not going to let China take over the leadership in this direction.
