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US Will Not Compete With China In A Crypto Race

US will not compete with China in a “crypto race”. “It is much more important to do it well than to do it quickly,” declared the Fed chief.

Jerome Powell , chairman of the US Federal Reserve , declared this week that “China’s rush to develop its digital yuan will not push the United States into a digital currency race.”

After the latest Fed policy meeting, Powell re-emphasized his stance that it was better to “get it right” than to be first when it comes to developing a central bank digital currency (CBDC). Powell confirmed that China’s approach was not what the United States should take:

It is much more important to do it well than to do it quickly.
The Fed chairman added that the currency is being used in China n or have the same characteristics that would work in your country, and explained that the digital yuan allows the government to see each payment for which is used in real time.

Powell explained that the United States is waiting for the right moment to see if a CBDC is something that would be “good for the people” and promised that the eventual digital currency should ensure that it is suitable for those who depend on the dollar.

China has been developing its CBDC with remarkable success having completed several trials in an open lottery system that has given thousands of participants the opportunity to buy and experiment with the digital yuan.

US will not compete with China in a “crypto race”. “It is much more important to do it well than to do it quickly,” declared the Fed chief.

Jerome Powell , chairman of the US Federal Reserve , declared this week that “China’s rush to develop its digital yuan will not push the United States into a digital currency race.”

After the latest Fed policy meeting, Powell re-emphasized his stance that it was better to “get it right” than to be first when it comes to developing a central bank digital currency (CBDC). Powell confirmed that China’s approach was not what the United States should take:

It is much more important to do it well than to do it quickly.
The Fed chairman added that the currency is being used in China n or have the same characteristics that would work in your country, and explained that the digital yuan allows the government to see each payment for which is used in real time.

Powell explained that the United States is waiting for the right moment to see if a CBDC is something that would be “good for the people” and promised that the eventual digital currency should ensure that it is suitable for those who depend on the dollar.

China has been developing its CBDC with remarkable success having completed several trials in an open lottery system that has given thousands of participants the opportunity to buy and experiment with the digital yuan.

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