The Coinbase CEO believes China is directly trying to usurp the dollar’s role in global trade.
Coinbase CEO Brian Armstrong recently shared his thoughts on the US approach to cryptocurrencies and special asset classes. He acknowledges that recent events in the crypto world have forced policy makers to become even more hostile to cryptocurrencies. But he also said that the US should not forget the fact that cryptocurrencies may be the only way to maintain its status as a global financial leader and innovation hub.
A recent opinion article, Armstrong reiterated the issue of regulatory clarity. He cited that Coinbase, himself, and many in the industry have long been at odds with regulators over the issue of tighter rules and regulations. But instead of providing these, regulators threatened enforcement actions, Coinbase CEO Armstrong claimed. And he said such enforcement and draconian measures will only push innovation farther away from the United States.
Coinbase CEO Brian Armstrong: The Current State Is A Threat To National Security
Bryan also shared the view that the United States will inadvertently lose its legacy of pioneering technological progress in the world if innovations are exported abroad. This would undermine the country’s national security in unimaginable ways, he argues.
In his briefing, he said that while innovation is driven by technology, currency has always been at the heart of innovation. For example, the US dollar has maintained order in the world economic system since about 1944. But it wasn’t until 1958 that he fully established itself as the world’s reserve currency. It was then that network technology emerged at the inception of the Advanced Department of Defense. Research Project Agency. The status of this currency gave America great power.
But now, while China is adopting digital systems, the United States and other democracies appear to be competing with them. China continues to promote the adoption of this new digital system domestically and internationally through its Belt and Road Initiative.
Additionally, China has integrated its social credit and digital systems, and recently introduced a digital yuan. With a digital yuan, China may be trying to directly usurp the role of the dollar in global trade. Especially since all recent developments point to that fact.
However, that is not to say that China is the only country that recognizes the unlimited potential of cryptocurrencies. Other prominent traditional financial capitals are also in implicit competition to become a global cryptocurrency hub. Among them are the United Kingdom, United Arab Emirates (UAE), Brazil, Australia, Brazil, Japan, European Union, Singapore, etc.
Bryan is now calling on Congress to make smart decisions quickly, as they did in the pre-internet age. And ultimately, it will provide clear regulation of cryptocurrencies that not only protects consumers but also encourages innovation.
Mayowa is a cryptocurrency enthusiast/writer whose conversational personality is very evident in his writing style. He is a strong believer in the potential of digital assets and repeats this at every opportunity. He is a reader, researcher, keen speaker and budding entrepreneur. But apart from cryptocurrencies, Mayowa’s fancy pastimes include things like football and discussing world politics.