US National Intelligence Officer John Ratcliffe invited SEC Chairman Jay Clayton to discuss China’s economic threat in the cryptographic field.
In a letter that came to the attention of the Washington Examiner, Ratcliffe urged Clayton to prepare rules that would improve the competitiveness of US cryptographic companies and remove barriers to innovation. He recalled that China controls more than half of the bitcoin hash rate and also pointed out the progress in developing the central bank’s digital currency (CBDC). A source from the National Intelligence Agency said:
„We cannot let Beijing dominate technology and innovation that will determine who will govern the world for decades, from artificial intelligence to digital currency.
Recall that last October, Chinese President Xi Jinping said that China must become a leader in the field of blockades and its integration into related technologies. The Chinese authorities expect that the launch of the CBDC will help strengthen the position of the yuan in the international arena and stop the hegemony of the dollar.