The senator from Montana said the US faces a challenge from China, which has launched a digital Yuan, which they hope will one day displace the dollar as the world’s dominant reserve currency.
“Even beyond the digital Yuan, it’s no secret that China and many other countries are well ahead of us with regard to financial innovation,” he said during a Congressional hearing by the Senate Banking, Housing and Urban Affairs Subcommittee on Economic Policy on Central Bank Digital Currency.
“India is among the fastest-growing FinTech markets in the world. In fact, India processed nearly 10 billion more real-time payments than China in 2020, $25.5 billion, versus $15.7 billion for China,” Daines said.
He said that compared to India and China, the United States processed just $1.2 billion of…