The father of the Jobs act” David Weild IV, believes that the issuance of the digital dollar is imminent and the U.S government should stop delaying it. Weild served in the Obama era as the vice-chairman of the NASDAQ and currently manages his own decentralized investment bank that helps crypto companies raise capital.
No one outside China will want the Yuan
Weild’s motivation for the realization of a digital dollar, aside from the obvious benefits to crypto investment players such as himself is China’s growing influence in the space. Though many believe that the digital Yuan would be the strongest competitor to the U.S digital dollar, Weild thinks that the digital Yuan will see far less demand. He believes the digital Yuan will be held back by the Chinese regime’s unpredictable nature.
“I think that the United States should do it. And I think the United States should do it sooner rather than later. But I also think that most of the world is not that interested in a Chinese digital currency, simply because it’s not a free country. It’s not predictable. And there are plenty of Chinese people that would like to get out of China because of the arbitrary nature of the government at times.”
Digital Dollar will have High Demand
The digital dollar on the other hand will be highly demanded according to Weild because the dollar has always been a flight currency. The dollar has always been looked at as a safe haven asset in times of turmoil and he believes that will remain the case with the digital version of it.
“You’re going to see just like people move to credit cards; people will start paying for things in crypto. Why not have an ability to go to your local bank and to be able to pay for something with a digital currency and you can cut down transaction costs? I think it’s inevitable that there will be a U.S. dollar backed stablecoin issued by the federal government.”
Though the digital dollar could become reality, Weild doesn’t see it happening soon especially with the November elections on the horizon. The digital dollar would present benefits such as lower transaction costs and heightened speeds, but we have to wait and see if Capitol Hill gives it the green light in the near future.
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