Digital Yuan Will Affects Dollar Status

It was a surprise for the crypto community when Chinese President Xi Jinping publicly stated that blockchain technology would play an important role in developing the country’s future economy.

The situation in the United States seems to be the opposite, especially after the announcement of the Libra project from Facebook, the opposition between regulators and politicians with participants in the cryptocurrency market intensified.

In a recent release of Crypto Trader with Ran Neuner (Kraken cryptocurrency exchange CEO), Jesse Powell discussed possible changes that will occur following a statement by the Chinese president.

Powell believes that if China will launch its centralized digital asset, it will force the United States to take a similar initiative. The United States is extremely restrained in statements related to blockchain or digital assets. Powell attributes this to fear of radical change.

Powell added that the United States, of course, does not want to give up its dominant position in the global financial arena and will want to maintain it further.

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Speaking about cryptocurrencies in the USA, Powell said that market interest in them is still growing, but this direction is only 20% of Kraken’s activities. More than 80% of Kraken’s efforts are directed at solving the problems of cryptocurrency market regulation in the United States.

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