{"id":557953,"date":"2023-03-01T09:37:00","date_gmt":"2023-03-01T06:37:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/us-lagging-on-cbdcs-could-spell-trouble-crypto-council-policy-head\/"},"modified":"2023-03-01T09:37:00","modified_gmt":"2023-03-01T06:37:00","slug":"us-lagging-on-cbdcs-could-spell-trouble-crypto-council-policy-head","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/us-lagging-on-cbdcs-could-spell-trouble-crypto-council-policy-head\/","title":{"rendered":"# US lagging on CBDCs could spell \u2018trouble\u2019 \u2014 Crypto Council policy head"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a277b5d6c2c0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a277b5d6c2c0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/us-lagging-on-cbdcs-could-spell-trouble-crypto-council-policy-head\/#%E2%80%9D_US_lagging_on_CBDCs_could_spell_%E2%80%98trouble_%E2%80%94_Crypto_Council_policy_head_%E2%80%9C\" >&#8221; US lagging on CBDCs could spell \u2018trouble\u2019 \u2014 Crypto Council policy head &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_US_lagging_on_CBDCs_could_spell_%E2%80%98trouble_%E2%80%94_Crypto_Council_policy_head_%E2%80%9C\"><\/span>&#8221; US lagging on CBDCs could spell \u2018trouble\u2019 \u2014 Crypto Council policy head &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvMzgxMjFjODMtNWIyMi00OWI2LWIyNDktMWQ3NDQ4MDRjYjczLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>A cryptocurrency researcher and former CIA analyst believes the United States government\u2019s relatively slow start on Central Bank Digital Currency (CBDC) development may result in it losing grip on controlling the global financial system. <\/p>\n<p>Yaya Fanusie, the policy head at the crypto advocacy group the Crypto Council for Innovation <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=BCRvX9s7xMA\">explained<\/a> in a Feb. 28 Bloomberg interview that sanctioned states are looking to transact on financial infrastructure that isn\u2019t controlled or heavily influenced by the U.S. in order to move funds more freely cross-borders.<\/p>\n<p><iframe loading=\"lazy\" title=\"China Is Leading the Way on CBDCs, Fanusie Says\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/BCRvX9s7xMA?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>If the U.S. continues to sit on the \u201csidelines\u201d and lag behind on CBDC adoption, Fanusie believes this may spell \u201ctrouble\u201d and cause unforeseen \u201cgeopolitical implications\u201d over time:<\/p>\n<p>Fanusie explained that state-issued CBDCs could be a part of this financial infrastructure that becomes globally adopted, and that if the U.S. has little influence over these new standards, then this \u201cimpacts U.S state economic statecraft.\u201d<\/p>\n<blockquote><p>\u201cThe potency of our sanctions power comes from the centrality of the U.S. to the financial global infrastructure. So if that shifts a little bit, it doesn&#8217;t mean that China is going to take over or that the yuan is going to displace the dollar but if there&#8217;s a viable new rail where sanctioned actors can now transact, that\u2019s trouble.\u201d<\/p><\/blockquote>\n<p>The U.S. Federal Reserve has however recently made progress on its CBDC \u2014 the Digital Dollar Project \u2014 having released the latest version of its whitepaper on Jan. 18:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Today we are proud to release DDP&#8217;s 2023 white paper update where we revisit our &#8220;champion model&#8221; proposed in 2020, provide recommendations to the US government and private sector and look ahead to the next stage in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/CBDC?src=hash&amp;ref_src=twsrc%5Etfw\">#CBDC<\/a> developments <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/giancarloMKTS?ref_src=twsrc%5Etfw\">@giancarloMKTS<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/bX5u4zfqMc\">https:\/\/t.co\/bX5u4zfqMc<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/si2joxbkq9\">pic.twitter.com\/si2joxbkq9<\/a><\/p>\n<p>\u2014 The Digital Dollar Project (@Digital_Dollar_) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Digital_Dollar_\/status\/1615753661422108673?ref_src=twsrc%5Etfw\">January 18, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>However, the Federal Reserve has not received <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roval from the U.S. government to proceed with the CBDC project.<\/p>\n<p>Fanusie highlighted that China has benefited from a near-first mover advantage, having explored CBDCs since 2014 and launching the pilot version of its digital yuan (e-CNY) on Jan. 4, 2022, which Fanusie says has processed \u201cmillions of transactions\u201d across \u201cmillions of wallets\u201d so far. <\/p>\n<p>Fanusie added that there is an \u201carray of pilots\u201d testing out smart contracts to add programmability into the CBDC and that China helping other countries adopt similar standards. <\/p>\n<p>He added there is possibly an unspoken \u201crace\u201d going on in the CBDC frontier as nations look to gain a geopolitical edge.<\/p>\n<blockquote><p>\u201cThat&#8217;s happening whether we want to like it or not.\u201d<\/p><\/blockquote>\n<p>However previous commentators on the CBDC race between China and the U.S. have said that China\u2019s CBDC ambition is purely about domestic dominance rather than trying to beat the U.S. dollar.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>What are CBDCs? A beginner&#8217;s guide to central bank digital currencies <\/em><\/strong><strong><em> <\/em><\/strong><\/p>\n<p>CBDCs run on state-controlled ledgers, which are reported to be more efficient and easier to use in some cases than decentralized public networks, such as Bitcoin and Ethereum.<\/p>\n<p>However, some opponents of CBDCs believe states are adopting blockchain-powered CBDCs to maintain a degree of financial control over their citizens.<\/p>\n<p>Part of the pushback in the U.S. recently came from pro-crypto U.S. Congressman Tom Emmer, who recently introduced the CBDC Anti-Surveillance State Act in an effort to protect the financial privacy of U.S. citizens from actions by the Federal Reserve:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Today, I introduced the CBDC Anti-Surveillance State Act to halt efforts of unelected bureaucrats in Washington, DC from s<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a>ping Americans of their right to financial privacy.  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/lONbHFZMk7\">pic.twitter.com\/lONbHFZMk7<\/a><\/p>\n<p>\u2014 Tom Emmer (@GOPMajorityWhip) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/GOPMajorityWhip\/status\/1628397390024638466?ref_src=twsrc%5Etfw\">February 22, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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Yaya Fanusie, the policy head at the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":557954,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/38121c83-5b22-49b6-b249-1d744804cb73.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,75046,74863,75269,74355,117,4973,70550,71511,70934,71523],"class_list":["post-557953","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-cbdc","tag-cryptocurrencies","tag-us-government","tag-adoption","tag-business","tag-china","tag-federal-reserve","tag-government","tag-regulation","tag-sanctions"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/557953","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=557953"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/557953\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/557954"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=557953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=557953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=557953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}