Brad Garlinghouse, the CEO of Ripple has once again expressed his desire that he wants the US regulators to embrace digital currencies. He believes that it is the need of the hour now as China has made progressive steps, and the US is falling behind. While the US is still to provide definite guidelines regarding the digital dollar or where it stands on it right now, China plans with the digital yuan are well on course.
In fact, a mid-2021 date is a possibility and it could even be part of the winter Olympics in 2022. Pilot tests are being run too in few McDonalds and subway outlets. Brad Garlinghouse believes that the lackadaisical approach would cost the US in the long run as China is light years ahead already and would bask in all the glory in the near future.
U.S. regulators: now is the time to step up and lean into digital currencies. Remaining complacent is actually setting us back, while China’s grip on both crypto and fiat payments becomes stronger. https://t.co/NuGmFZmf7x (1/2)
The trade tension between the two powerhouses has increased lately and it seems China wants to challenge the position of the US dollar as the world currency. Brad Garlinghouse tweeted that digital yuan is being developed for five years now and it is getting close to completion. He believes it can potentially unseat the US dollar as the world-leading currency. He also praised China's tightening grip on both fiat and crypto payments.
Christopher Giancarlo who is currency spearheading the digital dollar project told Forbes that he doesn't believe that the US has to be the first one to come up with digital currency and it can also backfire as the dollar is already so strong.
Brad Garlinghouse views are shared by many in the community and they feel if China launches digital yuan before the US, the digital dollar would be playing catch up for some time given the sluggish approach.
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