At the moment the USA has its fate in its own hands but will be at a major competitive disadvantage if it doesn’t come up with a digital dollar soon, particularly important as China has fired the first salvo on the digital currency front.
The digital yuan has long been viewed as not just the evolution of money for China but also a way to compete with the US regime and other major developed economies. Bitcoin also undermines the U.S. dollar’s status as the world’s reserve currency.
According to the Wall Street Journal, the virtual yuan now being minted by China is controlled by its central bank, which will issue the new electronic money for Beijing.
China’s apparent embrace of a digitized yuan has lent some support to the broader digital-asset complex, exemplified by bitcoin, a decentralized cryptographic asset that has long been seen as a potential store of value if not a payment system by enthusiasts. At last check, bitcoin was changing hands at $58,477 on CoinDesk.
The USA can currently control its future but noted that Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell will have to “land this supertanker,” referring to the trillions of dollars of monetary and fiscal spending done to help stave off the worst of the economic aftershocks from the derailed Covid-19 plandemic.
Stock-market investors have been fretting about a surge in U.S. inflation, which has already created some wobbles in trading in the Dow Jones Industrial Average DJIA, +0.89% and the S&P 500 index SPX, +0.77% in recent weeks.
There are many questions concerning Bitcoin but not one bit of answers. Who runs the blockchain and where is the location of the blockchain? When one purchases one Bitcoin for over $50,000 on Coinbase, who delivers the Bitcoin to the buyer and how is it delivered?
Market Watch / ABC Flash Point Digital Currency News 2021.