The Biden administration is advertent on the threats the digital yuan poses to the US dollar and its status as the world’s economic power. This follows a heightened effort from China to launch its CBDC early next year.
The Federal Reserve chairman said that they would opt for a public-centric approach on cryptocurrencies, however, would proceed with the digital dollar developments only after weighing the risks it poses to the US financial system.
The DeFi Index token consists of wrapped assets – the company’s gold token DGLD (wDGLD), Bitcoin (wBTC), and Ethereum (wETH).
While Bitcoin is experiencing an incredible rally, the US largest bank JPMorgan Chase is warning about risks associated with investing in BTC. In particular, volatility is the biggest issue.
Many of the banks looking to implement CBDC projects are doing so with the hope that a digital asset will complement their physical fiat currency.
The US Congress now has the democrats in the majority and this may get the Biden administration a free ride to getting the new stimulus bill to be approved.
The ongoing Brexit trade negotiations hit another deadlock further contributing to the decline seen in the British Pound Sterling.
At the moment of writing, Bitcoin is trading at a max price of around $23,400. In the last 24 hours, it has risen by over 20%.
Citigroup Inc (NYSE: C) CEO Michael Corbat recently revealed that the bank has been partnering with central banks globally to build Central Bank Digital Currencies.
Both Bitcoin and Gold market value has significantly increased during the pandemic.
The latest news about world currencies including US dollar, Euro, Pound, Yuan and others.