President Trump Concerned About China’s Digital Yuan
The 45th President of the United States, Donald J. Trump is not too supportive of other currencies coming in and competing with the U.S. Dollar. This also includes Bitcoin.
In a recent interview with Yahoo Finance, the president said that the U.S. needs to be “very careful” when it comes to cryptocurrencies.
Trump is primarily concerned about Central Bank’s Digital Currencies and refers to the China’s digital yuan. Since its inception roughly two years ago and with extensive trials conducted since, the yuan is ready for public use and China is looking to formally introduce it during the upcoming Beijing Winter Olympics.
“I’m a big fan of our currency and I don’t want to have other currencies coming out and hurting or demeaning the dollar in any way. “If you look at a monetary system based on the dollar, if you start losing credibility, all of a sudden you’re going to lose that strong monetary system,” he said. “We have to be very careful about that.”
Known to being a long-time critic of digital assets, Trump previously stated:
“I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated crypto assets can facilitate unlawful behaviour, including drug trade and other illegal activity.”
During an interview in June with Fox Business June this year, Trump considered bitcoin “like a scam” and advised people against investing in the top cryptocurrency.
Trump: Bitcoin’s a scam, US dollar should dominatehttps://t.co/w0MtOCT88t
— FOX Business (@FoxBusiness) June 7, 2021
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Author: Peter Siu