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The United States still has a leading position in the global tech market. However, China’s rise as a global technology power presents a challenge to US supremacy. Thus, Beijing has clearly edged out Washington in the development of a digital currency.
In this regard, China is still holding on to its lead, and the United States will hardly be able to overtake it in the near future. The Chinese authorities have made great strides in creating a society that is in need of advanced technology. They have made it possible to use electronic payments, properly forming the necessary consumption habits. Along with total control, this approach contributes to the dominant position of the digital yuan on the global stage. While the United States is looking for a compromise that will satisfy people from all walks of life, China with its residents strictly following the government's regulations is moving forward.
Fed Chairman Jerome Powell confirmed that the regulator "would not proceed with this without support from Congress''. That is why the joint project of the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology is still in its initial phase.
"I just really don’t think it changes that much, to be honest. It’s two very different systems that you’re dealing with between the US and China. I don’t necessarily think this changes the dynamics for the dollar’s role in the world, which is probably one of the reasons [Powell is] not in such a hurry," head of digital assets research at Fundstrat David Grider said.
While the Americans are working on the issues around privacy and personal data protection, the Chinese are taking the lead in the central bank digital currency space.
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