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Sep 22, 2021

The U.S. Is Losing the Global Race to Decide the Future of Money —and It Could Doom the Almighty Dollar

Posted by in categories: cryptocurrencies, economics, security

What must the US do Eric Klien?


Read More: How China’s Digital Currency Could Challenge the Almighty Dollar

China has already largely moved away from coin and paper currency; Chinese consumers have racked up more than $41 trillion in mobile transactions, according to a recent research paper from the Brookings Institution, with the lion’s share (92%) going through digital payment processors WeChat Pay and Alipay.

“The reason you could say the U.S. is behind in the digital currency race is I don’t think the U.S. is aware there is a race,” Yaya Fanusie, an Adjunct Senior Fellow at the Center for a New American Security, and a former CIA analyst, tells TIME in an interview. “A lot of policymakers are looking at it and concerned…but even with that I just don’t think there’s this sense of urgency because the risk from China is not an immediate threat.”

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