SEC Commissioner Says Chinese Digital Yuan Will Not Dethrone US Dollar

2021-5-2 11:48

SEC Commissioner Hester Peirce stated the planned digital yuan will not eclipse the dollar. She cited the growth of stablecoins backed by the greenback. 

As the interest in digital currency grows, we are starting to see some really big names jump into the fray. The People’s Bank of China is one such name throwing its hat into the ring and releasing a digital currency. The goal is ostensibly to improve payment systems and preempt the ascension of cryptocurrencies. 

China is close to launching the e-yuan

The Chinese digital yuan has been the big water cooler topic of choice this month. China has officially confirmed the central bank-backed digital currency was already being beta tested in cities across the country.

Several entities in the U.S. government are looking closely into the digital yuan to assess its possible threat to the dollar. 

A former official of the People’s Bank of China, Zhou Xiaochuan, tried to reassure these concerned parties by stating the e-yuan would be only used domestically. Zhou claimed that employing the e-yuan as a global reserve currency would not only be impractical but bring with it negative consequences. 

The project by the PBOC is apparently part of a push to globalize the yuan. China is already leaps and bounds ahead of most other countries in their drive toward digitization. The pace which China has set here is worrying some analysts about the possibility of the second-largest economy gaining dominance over the dollar. 

SEC official says not to worry

Peirce released a statement to help put worried minds at ease. Peirce, aka Crypto Mom, claims the rise of stablecoins would be the key to maintaining the U.S. currency status atop the world’s economic food chain. Peirce said:

“Even in 2021, there’s been a tremendous growth in stablecoins — these are essentially private digital dollars. That, effectively, may be our answer to the Chinese CBDC. It may be just private stablecoins. If they’re dollar-backed, then I think that the dollar will still be quite relevant.”

In a separate statement, Federal Reserve Chair Jerome Powell stated that China’s plans for a digital yuan would in no way push the Federal Reserve to rush out a digital dollar. He made it clear that the goal was not to be first to launch but to avoid any mistakes in creating a digital dollar. 

The post SEC Commissioner Says Chinese Digital Yuan Will Not Dethrone US Dollar appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Digital Rupees (DRS) íà Currencies.ru

$ 6.38E-5 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.00 %
Cåãîäíÿ L: $6.38E-5 - H: $6.38E-5
Êàïèòàëèçàöèÿ $32.611k Rank 99999
Äîñòóïíî / Âñåãî 510.803m DRS

sec commissioner dollar yuan digital chinese says

sec commissioner → Ðåçóëüòàòîâ: 126


Ôîòî:

‘No Reason to Not Allow’ the Bitcoin ETF to Go Ahead — Says SEC Commissioner

SEC Commissioner Hester Peirce explained why she is pro-Bitcoin ETF and why the Commission rejected the Winklevoss’ Twins latest rule change application. ‘I’m a Big Fan of Innovation’ In an interview with CNBC’s Cryptotrader host, Ran Neuner, SEC Commissioner Hester Peirce explained that she is currently one of four commissioners responsible for the fate of the Bitcoin ETF (though there are typically five when Commission is at full strength).

2018-8-2 14:00


[WATCH] SEC Commissioner Hester Peirce’s Interview on Bitcoin ETF Approval

Hester Peirce, an SEC Commissioner, has received a great deal of attention lately for her comments concerning cryptocurrency and her dissent in the SEC’s denial of Winklevoss’s ETF. Here is the full video of the entire hour long interview conducted by CNBC Africa's Crypto Trader show Ran NeuNer: SEC commissioner @HesterPeirce talks about why she […]

2018-8-2 01:26


Ôîòî:

SEC Commissioner Officially Dissents From New Bitcoin ETF Decision, Becoming Popular on The Crypto Community

Following the SEC’s decision to reject the application for approval of the Winklevoss Bitcoin Trust for listing and trading shares on Bats BZX Exchange, Inc. (BZX), the SEC Commissioner Hester Peirce issued an official Dissent in which she states her opinion regarding what she considers an incorrect decision: “I respectfully dissent from the Commission’s order […] The post SEC Commissioner Officially Dissents From New Bitcoin ETF Decision, Becoming Popular on The Crypto Community appeared first on Ethereum World News.

2018-7-27 19:12


Ôîòî:

SEC Has Taken the Role of “Gatekeepers of Innovation” Says Commissioner Hester Peirce After Bitcoin ETF Rejection

The Securities and Exchanges Commission (SEC) has once again rejected, 3 to 1, a four years old bitcoin ETF application by the Winklevoss twins after setting aside a previously delegated... The post SEC Has Taken the Role of “Gatekeepers of Innovation” Says Commissioner Hester Peirce After Bitcoin ETF Rejection appeared first on Trustnodes.

2018-7-27 13:26