A group pushing for the United States to adopt a digital dollar has warned that failure to launch a central bank digital currency (CBDC) could cost the country dear – and could see the USD lose its status as the world’s reserve currency.
In its first white paper, the Digital Dollar Project wrote,
“If payment systems could bypass Western banks heavily linked economically and geopolitically to USD reserves, the effectiveness of economic sanctions as a central and unifying tool of our foreign policy would be at serious risk. It would mean United States global leadership, particularly in the exercise of soft power, would be at risk as well.”
The group enthused about the potential of an American CBDC, writing,
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