David Weild IV, known as the father of the JOBS Act, believes that the release of the digital dollar is imminent and that the U.S. government should hurry up with that.
In addition to garnering bipartisan support for one of the key legislation of the Obama era, Wield was a vice president of NASDAQ, and now runs his own decentralized investment bank that helps cryptomoney and blockchain companies raise capital.
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China is unpredictable
Weild does not believe that the digital yuan will generate much demand outside of Bitcoin Billionaire due to the restrictive nature of its political system. He also said the US should not hesitate to preserve the global pre-eminence of its currency by offering it in digital form:
„I think America should do it. And I think the United States should do that sooner rather than later. But I also think that most of the world is not so interested in a Chinese digital currency, simply because it is not a free country. It’s not predictable. And there are many Chinese who would like to leave China because of the arbitrary nature of the government at times.
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People will pay with cryptomoney
At the same time, he believes that there will be demand for the digital currency, as the U.S. dollar has always been a „quality seeking“ currency: In times of economic turmoil, international investors have historically sought refuge in the U.S. dollar. Digital currency could also reduce transaction costs and provide additional convenience:
„You’re going to see how people opt for credit cards, people will start paying for things in krypton currency. Why not have the possibility to go to your local bank and be able to pay for something with a digital currency and thus be able to reduce transaction costs? I think it’s inevitable that there will be a stablecoin backed by the US dollar issued by the federal government.
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However, it is unlikely to happen in the near future, according to Weild, who notes that the Capitol is currently concerned about the November presidential election.