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Meeting with CEO Coin Bass and Governor of the US Federal Reserve; Armstrong: The digital yuan is a threat to the dollar


Brian Armstrong, CEO of Coin Base Exchange, said he had met with US lawmakers and government officials to discuss China’s national digital currency. He believes the digital yuan will become a “threat to the US dollar” in the long run.

to the the report Coin Telegraph Jerome Powell, the governor of the US Federal Reserve, met with Brian Armstrong, CEO of Coin Bass, before announcing his intention to publish an article on the national digital currency.

According to the calendar released on Friday of Powell’s appointments, the US Federal Reserve Chairman had a 30-minute meeting on May 11 with Armstrong and Paul Ryan, the former Speaker of the US House of Representatives. The reason for Ryan’s presence in this meeting is unclear; He left politics in 2019 and now works for a private equity firm called Solamere Capital.

While there is no mention of the topics discussed in Powell’s calendar of events, Armstrong tweeted some details of the meeting on May 14 (May 24). CEO Coin Bass said his goal in talking to members of Congress and officials from various US government agencies was to answer lawmakers’ questions about digital currencies and to help make technology legislation more transparent in the United States.

Armstrong also expressed his views on China’s national digital currency, saying that if the United States did not act quickly to build its national digital currency, the digital yuan would become a threat to the US dollar in the long run. About a week later, Powell announced that the US Federal Reserve was investigating the implementation of its national digital currency.

Earlier, the governor of the US Federal Reserve spoke about the possible consequences of the introduction of digital dollars and said that “the correct implementation of this plan is more important than launching it before other countries.” However, in May, Powell announced the publication of an article on national digital currencies and digital payments this summer.

While the US government has not yet made a decision on the digital dollar, China is implementing and testing its national digital currency by donating free digital yuan tokens to various provinces. Last month, 100,000 people in China’s Shenzhen region received $ 31 million worth of digital yuan, allowing them to use ATMs to convert their digital assets into Fiat currency.

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