US lagging on CBDCs could spell trouble: Yaya Fanusie, a cryptocurrency researcher and former CIA analyst, believes the United States government’s relatively slow start on central bank digital currency (CBDC) development may result in it losing its grip on the global financial system.
US lagging on CBDCs could spell trouble — Crypto Council policy head
The US lagging on CBDCs could spell trouble — Crypto Council policy head: Fanusie, the policy head at the crypto advocacy group, the Crypto Council for Innovation, explained in a Feb. 28 Bloomberg interview, that sanctioned states are looking to transact on financial infrastructure that isn’t controlled or heavily influenced by the U.S. to move funds more freely cross-borders.
“The potency of our sanctions power comes from the centrality of the U.S. to the financial global infrastructure. So if that shifts a little bit, it doesn’t mean that China is going to take over or that the yuan is going to displace the dollar but if there’s a viable new rail where sanctioned actors can now transact, that’s trouble.”
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The US lagging on CBDCs could spell trouble — Crypto Council policy head: CBDCs run on state-controlled ledgers are reportedly more efficient and easier to use in some cases than decentralized public networks, such as Bitcoin and Ethereum. A former CIA analyst doesn’t believe the Chinese-led CBDC movement on the global stage will replace the U.S. dollar but may cause geopolitical headaches.
However, some opponents of CBDCs believe states are adopting blockchain-powered CBDCs to maintain a degree of financial control over their citizens. Part of the pushback in the U.S. recently came from pro-crypto U.S. Congressman Tom Emmer, who recently introduced the CBDC Anti-Surveillance State Act to protect the financial privacy of U.S. citizens from actions by the Federal Reserve.
Quick Summary On US lagging on CBDCs could spell trouble — Crypto Council policy head:
- Fanusie doesn’t believe the Chinese-led CBDC movement on the global stage will replace the U.S. dollar, but it may cause a series of geopolitical headaches.
- Today we are proud to release DDP’s 2023 white paper update where we revisit our “champion model” proposed in 2020, provide recommendations to the US government and private sector and look ahead to the next stage in #CBDC developments.
- So if that shifts a little bit, it doesn’t mean that China is going to take over or that the yuan is going to displace the dollar but if there’s a viable new rail where sanctioned actors can now transact, that’s trouble the U.S.
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