The Washington examiner has revealed US intelligence concerns on China’s dominance of cryptocurrency in America. The concerns were based on fears of China communist’s dominance in the SEC’s influence, US Securities and Exchange Commission in the industry.
Implications Of The Influence On America
John Ratcliffe wrote a letter to SEC chairman in November, concerning digital assets in the country. John wants the digital currency industry to be more competitive and attractive for American individuals because of security issues. He also revealed that China has more than half of the world’s crypto mining abilities. John noted that The people’s Republic of China is creating its cryptocurrency. China wants to create it’s own central bank digital currency. Looking at China’s influence and mining operations won’t be long before such a feat is achieved.
John shed more light on many factors and the United States’ strict laws on cryptocurrency, making it hard for its citizens to bypass some stringent and time wasting procedures. China’s lenient laws on cryptocurrency have made it attractive for its citizens, young and old, to transact easily.
Donald Trump has issued a comprehensive executive order to prevent anyone in the US and numerous companies linked to PRC’s army. The presidency claims that there is an exploitation of various US businesses that transact with those Chinese companies. Donald Trump claims PRC finances its military from those proceedings.
Security Concerns Of US Presidency On China’s Dominance
The US presidency claims the China’s dominance of cryptocurrencies such as Bitcoin and Ether could cause serious security concerns. This information was revealed to the Washington examiner by a trusted source. The recent executive order revealed some security threats that the country might face coming with China’s influence on the two most used cryptocurrency. The money made is invested in their military. The order also stressed that innovations and technology could not be left for China to claim dominance.
It revealed that the countries with dominance in technology would decide who ‘runs the world.’ It’s safe to note that Xi Jinping, China’s president, recently encouraged world powers to be receptive to CBDC, its new digital currency.
US is warning other agencies against the acceptance of China’s CBDC. China wants to digitalize the Yuan as soon as possible, which pushed the US intelligence to write this letter to the SEC. The letter acted as a precautionary measure to prevent upcoming threats to the US economy and security.
The new currency launch could put the US at a disadvantage on various levels, which the letter noted. The American dollar is a means of exchange for international trade, but some changes are already happening to China and Russia. Both China and Russia are developing their cryptocurrency, which can reduce the dollar’s power in their international trade. Trump’s administration hopes the executive order will help address such security concerns for America.