“Opposition and animosity to China is one of the few bipartisan forces there is right now,” one expert said. “There is a strong desire to preserve the dollar’s supremacy.'
The Chinese government’s stance on private cryptocurrencies has become a major point of focus for global investors in bitcoin and other digital assets, but its intensifying experiments with a digital form of its government-backed yuan could be even more consequential, experts say.
So far U.S. officials have remained sanguine about the digital yuan and its implications for the U.S. economy and its geopolitical standing, but recent successes may force them to reconsider, according to Robert Greene of the Carnegie Endowment for International Peace. Last week, the BIS reported the “successful” results of an experiment using digital versions of the euro and the Swiss franc to settle international transactions between commercial banks in France and Switzerland as part of its ongoing experiments with central-bank digital currency called Project Jura.
“Opposition and animosity to China is one of the few bipartisan forces there is right now,” he told MarketWatch. “There is a strong desire to preserve the dollar’s supremacy. If there’s a way to do that without the unintended consequences of hurting your domestic finance industry,” consensus could be built around the issue, he added.
To be sure, there are major political hurdles a digital dollar faces before it advances beyond its current experimentation phase. The Federal Reserve Bank of Boston has been working with the Massachusetts Institute of Technology for the past 18 months to develop open-source code that would enable private parties to begin pilot projects that could demonstrate a digital dollar’s utility.
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