Coinbase CEO Brian Armstrong said in a May 30 op-ed on MarketWatch that the U.S. crypto industry faces a strong challenge from China’s digital payments industry.
Armstrong opined that the U.S. faces an “ambitious adversary” in the form of China’s digital payment industry. He said:
“Two Chinese tech behemoths, Alipay and Tencent, offer integrated payment systems … The [CCP] is promoting these powerful, rapidly scaling platforms worldwide … with its social credit system baked in.”
Digital yuan challenges U.S. dollar
Armstrong said China introduced its digital yuan (or e-CNY), which he believes is intended to “directly challenge the U.S. dollar.” One Chinese province has handled $22 billion in transactions through the digital yuan as of March.
Armstrong drew attention to upcoming Hong Kong regulations taking effect on June 1 that will allow certain crypto companies to apply to operate in the region. He noted that the UK, the EU, the United Arab Emirates, Brazil, Japan
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