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ReadersSpeak

The CBDC race is on embrace innovation. However, the initial uptake of the
digital yuan has been slow due to stringent COVID-19
We wish to thank Briana Marbury, restrictions imposed on Olympic visitors and privacy
executive director of the Interledger concerns highlighted by government representatives from
Foundation, https://interledger.org, for the West.
sending us the following perspective:
"As the major superpowers in the world contemplate
"The Winter Olympic Games in Beijing are currently taking the best way to introduce a CBDC into their economy
place, and athletic talent is not the only competition being while simultaneously maintaining stability, the Chinese
showcased. Alongside the Olympians who have gathered government has bet that the fastest across the finish line
from around the world to compete in physical displays of wins the race. In the United States specifically, with the
strength, China is flexing its own proverbial muscle in the exception of a few outliers, many government officials have
global economy. In a move that overtakes the United States been more focused on regulating the emerging payments
and Europe, China released the digital yuan to the public, space in a time when collaboration and understanding
making it the first economic superpower to issue a central are needed. There is a fine line between reflection and
bank digital currency (CBDC). research, and paralysis. If we don't transition from
analyzing to actually implementing—even if it's a small
"Creatively rolling out the digital yuan at the games by pilot—the United States is guaranteed to lose the race by
providing athletes ski gloves and smartwatches with forfeit."
built-in digital payment functions, China is hoping to gain
an advantage over their measured competitors who have CBDC implementation
been sluggish to move forward with their own CBDCs.
What's the best way for countries to introduce CBDCs
"Conveniently (for them), the digital yuan is also one of efficiently and safely? How soon do you envision this
only three forms of payment accepted in the Olympic happening on a wide scale? Will consumers embrace
Village. Strong-arming aside, this is an impressive display them? Let us know at greensheet@greensheet.com.
of a large government body showing its willingness to