The next one debut of the digital yuan, expected to coincide with the Beijing Winter Olympics, seems destined to rekindle the discussion on the virtual dollar. Especially in light of what is emerging in the United States in relation to attempts to do so by Jared Kushner, special advisor and husband of Ivanka Trump, the daughter of the former White House tenant.
Jared Kushner's attempts on the digital dollar
Jared Kushner tried to convince Donald Trump about the desirability of a digital dollar. This is what is emerging from the reading of the so-called Mnuchin file, or the documents relating to the work of the Secretary of the Treasury. Obtained from CoinDesk through a request from Freedom of Information Act (FOIA), the documents in question, over 250 pages, shed light on a long series of issues. Among which, the Trump administration's policy on the digital dollar.
From the documentation it emerges very clearly the role played by Jared Kushner in the attempt to convince the financial top management on the advisability of giving a concrete answer to the digital yuan. But without moving the administration in the slightest.
The email sent by Kushner to Mnuchin
In particular, one emerges from the Munchin files e-mail communication with the emblematic title: US digital currency. Sent on 28 Maggio 2019 from Jared Kushner, to Treasury Secretary Steven Mnuchin, the letter originated from a link to a post published on the Sam altman, former number one of And Combinator, aka the Silicon Valley startup incubator.
The content leaves no doubt as to the intent of Trump's son-in-law. Kushner, in fact, urged Mnuchin to make himself available for a brainstorming dedicated to a possible CBDC with stars and stripes. Judging from what happened later, however, his idea does not seem to have been positively received by the other party.
The Digital Dollar Project
The idea of a digital dollar is certainly not new. Indeed, it served as the basis for the launch of Digital Dollar Project, a collaboration between Digital Dollar Foundation and Accenture. The project, in particular, involved an exploration of the possibility of creating a Central Bank Digital Currency.
The project had as its engine Chris Giancarlo, former member of the CFTC (Coomodity Futures Trading Commission) and resulted in the publication of a White Paper. Since then, however, not much has been said about it. Also because the already low interest of the Trump administration was followed by the substantial lack of interest of that Biden.
A disinterest which, however, risks leaving the United States defenseless in the face of the now imminent offensive of the digital yuan. The digital currency of Beijing, according to many observers, including from the United States, risks seriously endangering Washington's global leadership.
Nervousness begins to ramp up in the United States
With the Beijing Winter Games approaching, a lot of nervousness has begun to build up in the United States. Indeed, some sectors of politics seem to have understood the danger represented by the digital yuan. Starting from Cynthia lummis, known as a fervent supporter of the Bitcoin. Together with colleagues Martha Blackburn e Roger Wicker, the Republican senator-elect in Wyoming made a rather provocative request. That is the prohibition to US athletes who will participate in the event to use the virtual yuan.
The request was forwarded to the president of the United States Olympic and Paralympic Committee and makes it clear how fear is starting to spread around Washington. The problem is that diktats of this kind will not be enough to thwart the Beijing operation. Even if the idea of the Digital Dollar Project were now accepted, however, the delay accumulated by the United States is too large.