January 22, 2021

The head of the US National intelligence called the digital yuan a threat to the country

US National Intelligence chief John Ratcliffe proposed to the head of the Securities and Exchange Commission (SEC) To Jay Clayton to discuss China's economic threat in the cryptocurrency space.

In the letter that came into the possessionWashington Examiner, Ratlikiff urged Clayton to draft rules that will improve the competitiveness of American cryptocurrency companies and remove barriers to innovation. He recalled that China controls more than half of the bitcoin hash rate, and also pointed out the progress in developing the central bank digital currency (CBDC). from National Intelligence said:

“We cannot allow Beijing to dominate the technology and innovation that will determine who will rule the world for decades - from artificial intelligence to digital currency.”

Last October, Chinese President XiJinping said China should become a leader in blockchain and its integration into related technologies. The Chinese authorities hope that the launch of the CBDC will help strengthen the yuan's position in the international arena and end the dollar's hegemony.