Why the Biden Administration Is Increasingly Concerned With China’s Digital Currency Efforts

A shifting global balance of power is causing a rethink in the U.S.’ relationship with cryptocurrency.

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A shifting global balance of power is causing a rethink in the U.S.’ relationship with cryptocurrency.

This episode is sponsored by Nexo.io.

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On today’s “The Breakdown,” NLW looks at an underreported story from earlier this week. There are increasingly loud whispers that officials across several agencies, including Treasury, National Security and Defense, are growing concerned with China’s digital currency efforts.

NLW looks at:

Why CBDCs are about power, not digital efficiency
Why Facebook’s libra was the starting gun
China’s possible objectives
Why the U.S. tone on a digital dollar is changing
How Gary Gensler as SEC Chair could portend a broader attitude shift for the U.S. vis a vis digital currencies

Image credit: Andrew Harrer/Bloomberg/Getty Images

HOST

Nathaniel Whittemore

NLW is an independent strategy and communications consultant for leading crypto companies as well as host of The Breakdown – the fastest-growing podcast in crypto. Whittemore has been a VC with Learn Capital, was on the founding team of Change.org, and founded a program design center at his alma mater Northwestern University that helped inspire the largest donation in the school’s history.