“Innovation will flow to where it can thrive the most, and actively trying to block it will encourage it to go elsewhere,” said Sheila Warren.
Sheila Warren, executive director of the Crypto Council for Innovation and former director of data, blockchain and digital assets at the World Economic Forum, said the digital yuan may present certain challenges for the United States. However, regulators and lawmakers may want to consider how to foster digital innovation, as China is already “too tech-forward” for its residents.
Speaking to Cointelegraph during the SXSW festival in Austin, Warren said that while he believed China’s digital yuan was unlikely to significantly affect retail payments in the United States, the adoption of the technology surrounding it could affect the dollar’s global dominance.. The CCI CEO added that the Federal Reserve could make a “strong move” to preserve the role of the dollar by introducing a central bank digital currency with wholesale use cases. However, the launch of e-CNY in China could help set a standard for retail payments, regardless of whether other countries adopt the digital currency.
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“American exceptionalism is no longer something we can hold on to, not with the rise of what is happening in Asia, Africa and around the world”Warren said. “Innovation will flow to where it can thrive the most, and actively trying to block it will encourage it to go elsewhere.”
She added:
“These things are going to be built. The question is where we want them to be located geographically and under what legal, regulatory and socio-cultural systems, which will prioritize certain types of applications and models over others.”
Warren said certain parts of the United States were adopting innovation-friendly business and regulatory models, including Miami, Austin and areas of Colorado. US President Joe Biden’s recent executive order establishing a regulatory framework for cryptocurrencies could be a “massive driver” of jobs and innovation, according to the CCI executive director.
“We need all cities [de EE. UU.] adopt an innovation mindset,” Warren said. “That’s what’s happening in many parts of Asia, [donde] every city is evaluating everything all the time.”
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Warren explored central bank digital currencies and promoted the adoption of blockchain technology during his time at the World Economic Forum, and left in February to become executive director of the Crypto Council for Innovation. The alliance of firms includes Coinbase, Gemini, Fidelity Digital Assets, Paradigm, Ribbit Capital, Andreessen Horowitz, and Block.
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