National Intelligence Director John Ratcliffe voiced his concern over the influence of the Chinese digital currency, yuan to Securities and Exchange Commission (SEC) chairman Jay Clayton.
China since 2014 has begun efforts to develop digital currency when the governor of the People’s Bank of China, Xiaochuan Zhou established the Digital Currency Research Institute.
As a result, the US is taking a more cautious approach to the development of the country's digital assets.
Federal Reserve Chairman Jerome Powell last month suggested that way is better than being a ‘champion’ of digital currency.
But it is different today after getting rid of Huawei due to concerns about data theft, the US is worried about the progress of the digital yuan. It is not impossible that there will be a reshuffle in American rules to chase China because of fears that the digital yuan will dominate the market.
At the same time, National Intelligence officials also expressed concern over China's control over Bitcoin and Ethereum crypto assets as China remains a Bitcoin mining powerhouse.
There is no denying that the world market is now entering the era of 'new war' with the establishment of digital currency.
Whether we like it or not, it must be acknowledged that China is more agile in controlling both the country's digital currency and crypto.
