Coinbase CEO; China’s digital yuan is a menace for dollar!

Coinbase CEO; China’s digital yuan is a menace for dollar!

Brian Armstrong, the Coinbase exchange CEO (Chief-Executive Officer) in United States has announced that he had a meeting with some of the US lawmakers and government officers and has talked with them about China’s national cryptocurrency. Brian Armstrong believes that digital Yuan, is going to be a long term “menace for American dollar”.

According to Coin-Telegraph website, Jerome Powell, the 16th chair of the Federal Reserve had a meeting with Brian Armstrong; Coinbase exchange’s CEO before announcing that they are publishing an article about this.

According to the schedule of Jerome Powell’s meeting that was published Friday, the fed chairman had a 30 minutes meeting with Armstrong at May 11th as well as former House of Representatives Speaker Paul Ryan. According to experts, the reason of Paul Ryan presence in this meeting is unknown, because he withdrew from political activities in 2019 and now he has a private company in stock market called Solamere Capital.

While there was no mentioning about this meeting in Powell’s schedule, Armstrong twitted a strings of tweets in May 14th that talked about the details of this meeting. Coinbase CEO has said that his goal for this meeting with Members of Congress and officials of various US government agencies was to answer their questions about cryptocurrency and help them to discover and Contribute to greater transparency of this technology legislation in the United States.

Armstrong; Coinbase CEO has also said his own opinion about china’s national cryptocurrency and said that if America doesn’t take action to make its own cryptocurrency, digital Yuan is going to become a great menace for American dollars in a long time. One week after this meeting, Jerome Powell announced that the Central Bank of America is researching for implementation of its national cryptocurrency.

The fed chairman has spoken about probable consequences of digital dollar before this and has said that: “the right and correct Implementation of this plan before other countries is so important.” However, Powell’s announcement in May, gives us a promise of an article about national cryptocurrencies and digital payment in this summer.

These decisions have been delayed by the US government and it has not yet made a decision on its digital dollar, China, meanwhile, is implementing and testing its national digital currency by donating its free digital yuan tokens to various provinces. In China last month, in the Shenzhen province of China, only 100,000 people received $ 31 million worth of digital yuan and they were able to use ATMs to convert their digital assets into Fiat money.

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