Currency 'Cold War' Takes Center Stage at Pre-Davos Crypto Confab

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That's where Jiang said the Chinese plans for a digital RMB currency come in.

Warren added, the WEF doesn't make those introductions nor recommend any country issue a digital currency.

Cypherpunks might argue a state- or bank-issued currency with strict limitations imposed by the issuer bears little resemblance to "Cryptocurrency." But that doesn't deter the blockchain fans gathered at St. Moritz.

Benitez said using a blockchain-based currency would provide better transparency and automation than Colombia's current, paperwork-heavy system.

Former Commodity Futures Trading Commission Chairman J. Christopher Giancarlo, who recently became co-founder of the Digital Dollar Foundation to advocate for a central bank digital currency from the U.S., said the term Cold War was a wee bit "Strong" for disparity between the U.S. and China.

"Many other global powers are looking to assert their own currency as an important reserve currency," Giancarlo said.

On the other hand, de la Rubia said it would take a long time for any digital currency to rival the U.S. dollar's global dominance.

Giancarlo said he wants to dedicate the rest of his career to modernizing America's financial infrastructure, and he sees a blockchain-based fiat currency as a part of that.

Currency is, after all, a tool for political leverage.

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