US Bank Analyst: China's CBDC Has First-Mover Advantage, But Will Not Threaten Dollar Dominance for Now

According to CoinDesk, a Bank of America analyst stated in a report released on June 30 that China is far ahead of the United States in developing central bank digital currencies (CBDC). Federal Reserve Chairman Jerome Powell stated last year that the U.S. central bank "has not yet determined the potential substantial benefits of a general purpose digital dollar." In June, he told Congress that officials were "working on" this issue. However, according to CoinDesk's April report, the Agricultural Bank of China, one of China's four major state-owned bank giants, has already begun testing the digital yuan.