Former Chairman of US CFTC and the Director of the Digital Dollar Project Chris Ciancarlo, and Martin Chorzempa of Peterson Institute for International Economics, discusses the competitive advantages and disadvantages of a digital U.S. dollar versus China’s CBDC.
Although there are already organized electronic payment systems in place in China such as Wechat Pay and Alibaba, the country is placing emphasis on a central bank digital currency. Chorzempa explains why the focus on CBDC initiatives and if it will help the rmb internationalize. Meanwhile, how will it compare to other digital currencies such as Facebook’s Libra, or a Digital U.S. Dollar?
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