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House Financial Services Subcommittee Considers National Security Implications Of CBDCs - Finance and Banking

To print this article, all you need is to be registered or login on Mondaq.com. The U.S. House Financial Services Subcommittee on National Security, International Development and Monetary Policy considered testimony on the creation of a U.S. central bank digital currency ( CBDC ). In a Memorandum to the members of the Committee, majority staff explained that many central banks are pursuing CBDCs because of their potential to (i) increase financial inclusion, (ii) facilitate faster and cheaper payment options, (iii) counter private cryptocurrencies and (iv) build newer, more direct levers to implement monetary policy. With regard to national security considerations, staff asserted that a

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Friedlander testifies to the House Committee on Financial Services regarding US leadership on central bank digital currency development

Friedlander testifies to the House Committee on Financial Services regarding US leadership on central bank digital currency development
atlanticcouncil.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from atlanticcouncil.org Daily Mail and Mail on Sunday newspapers.

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Why the US can t afford to fall behind in the global digital currency race

China s official app for digital yuan is seen on a mobile phone placed in front of an image of the Chinese flag, in this illustration picture taken October 16, 2020. REUTERS/Florence Lo/Illustration Chinese officials have made it no secret that their greatly accelerated efforts at introducing and distributing the digital yuan are an opening move in their long-term strategy to undermine the dollar’s global supremacy and expand their influence. Despite that, leading US financial officials have rolled their eyes at any suggestion that deeper dangers lurk for the dollar, and thus also for US national security, in the global digital currency race. Even as China marches forward and bitcoin’s market value reaches one trillion dollars, the US Federal Reserve had been in no hurry to be a contestant.

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Op-Ed: A Digital Dollar Would Help the U S and Its Allies Keep China in Check

Op-Ed: A Digital Dollar Would Help the U S and Its Allies Keep China in Check
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Taiwan s Chips Remain Core of Technopolitics

Taiwan’s Chips Remain Core of Technopolitics Taipei, Taiwan at night on March 19, 2019. (Steffen Flor, https://flic.kr/p/2fyJKZU; CC BY-SA 2.0, https://creativecommons.org/licenses/by-sa/2.0/) Jiang Jinquan, a top Chinese policy official, wrote in a state media outlet on Jan. 25 that China’s choice to seek technological independence from the United States was “inevitable.” Jiang’s article is the latest Chinese publication to emphasize the role of semiconductors, which have taken center stage in the technological competition between the United States and China. Semiconductors are a key element in China’s plan for technological independence. The field of cutting-edge chip manufacturing is narrowing, now occupied by just a handful of companies: U.S.-based Intel, Samsung of South Korea, Taiwan’s TSMC and China’s SMIC. SMIC lags TSMC in production, and Intel is falling behind too; on Jan. 21, Intel announced that it would outsource some chip production to Samsung and TS

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