A senior official of the US Securities and Exchange Commission believes that the digital RMB planned by China will not replace the dominant position of the US dollar because the cryptocurrency "Stablecoin" supported by the US dollar will grow.
According to Reuters, the committee member Hester Peirce said at a digital currency event yesterday (29th) that the rise of stable coins will maintain the status of the US dollar.
Stable currency is a cryptocurrency issued by the government, which usually receives US dollar support, but the value of stable currency is a small part of the largest cryptocurrency Bitcoin.
Pierce said: "Even in 2021, the stable coins have achieved huge growth, which is essentially a folk dollar. In fact, this may be our response to the central bank's digital currency. It may be just private stable coins."
She also believes that if stable coins get US dollar support, the dollar will still play a very important role.
Jerome Powell, the Federal Reserve Chairman, said the day before yesterday that China's digital RMB plan will not promote the Federal Reserve to urgent to promote its digital currency projects, and emphasize that the main goal of the Federal Reserve is not to accelerate the launch of digital currencies, but to avoid being implementedAny mistakes occurred during the digitalization of the dollar.
