Coinbase CEO Says Chinese Digital Yuan a Threat to US$ By CoinQuora

July 5, 2021 Editor Coinbase 0

Coinbase CEO Says Chinese Digital Yuan a Threat to US$

  • Coinbase CEO Brian Armstrong thinks the Chinese CBDC is a threat to the dollar.
  • Armstrong says the digital yuan threatens the dollar’s position as a reserve currency.
  • Also, Armstrong met with several lawmakers and regulators to share his opinion.

Coinbase CEO Brian Armstrong believes the Chinese Central Bank Digital Currency (CBDC) is a threat to the US dollar. This is because Armstrong predicts that the digital yuan will disrupt the dollar’s position as a reserve currency.

China is currently in the process of testing its CBDC. In fact, several cities have rolled out red envelope lotteries of the digital yuan to encourage citizen participation. The nation aims to test the digital currency with 500,000 users in 11 regions.

Beijing, for instance, gave away $6.3 million worth of CBDC to its citizens. To take part in the testing, Chinese citizens must download th…

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