US Senators Debate Digital Dollar

U.S. senators are debating a digital dollar here in the United States – meanwhile, China prepares for the launch of their digital Yuan

US Senators Debate Digital Dollar As China Prepares to Launch Virtual Yuan

“In a hearing before the Senate Banking Committee held on Tuesday, Senator Tom Cotton (R-Ark.) explained why he believes the United States has to have its own virtual currency.

‘The US needs a digital dollar… The US dollar has to keep earning that place in the global payments system. It has to be better than Bitcoin… It has to be better than a digital yuan.’

Committee Chair Mike Crapo (R-ID) also acknowledged the importance of financial innovation, but cites a need for regulatory oversight.

As some lawmakers push for the digital dollar amid concerns China is aggressively working on its digital yuan, Ranking Member Sherrod Brown (D-OH) is focused on the implementation of a virtual currency, saying he believes tech companies can’t be trusted to build or maintain the technology.

‘It’s hard to think of any revolutionary products or services that have actually helped the people [that tech firms] say they will.’”

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