Sheila Warren, CEO of the Crypto Council for Innovation and former head of data, blockchain and digital assets at the World Economic Forum, said the digital yuan may present certain challenges for the United States. However, regulators and lawmakers may want consider how to encourage digital innovation, as China is already "massively tech forward" for its residents.
Speaking to Cointelegraph during Austin’s SXSW festival, Warren said that though she believed China’s digital yuan was unlikely to significantly affect retail payments in the United States, the adoption of the technology surrounding it could impact the dollar’s global dominance. The CCI CEO added that the Federal Reserve could make a "strong move" in preserving the dollar’s role by introducing a central bank digital currency with wholesale use cases. However, China’s rollout of the e-CNY might help set a standard for retail payments regardless of whether other countries adopt the digital currency.