China Forges Ahead with Digital Currencies while U.S. Lags Behind
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China has developed bitcoin and crypto-inspired digital currencies, propelling interest in central bank digital currencies (CBDCs).
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The U.S. dollar is under threat amid fears China's digital yuan could lead to a "hostile takeover" via Hong Kong.
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China has created a crypto licensing regime and is expanding digital yuan trials in Hong Kong while the U.S. has not created a digital dollar.
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China's digital yuan has seen $250 billion in transactions while the global stablecoin market tops $100 billion.
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The ECB president warns more control is needed over cryptocurrencies like bitcoin to prevent their use in illegal trade.