Eric Rosengren: A Digital Dollar Could Be Great for the U.S. | CryptoSoul

Eric Rosengren: A Digital Dollar Could Be Great for the U.S.

Eric Rosengren – the former president of the Federal Reserve Bank of Boston – stated in an interview that he is quite fond of the idea of a digital dollar. He thinks the United States would benefit greatly from using such a tool, and he’s convinced it will not get in the way of bitcoin’s path towards greatness.

Eric Rosengren Thinks a Digital Dollar Could Work for the CountryIf only China could have such an attitude. One of the big reasons, analysts speculate, why China has ultimately eliminated both bitcoin and its crypto mining industry over the past few months is because the country does not want any competition for the digital yuan, which is the virtual form of its national currency. The asset was introduced in late 2019 and has already gone through several stages of testing, including being worked into the payment systems of various American companies such as Subway.

In addition, a select group of individuals have been chosen to use the digital yuan for payments. Surely, the digital yuan could have operated alongside bitcoin and other digital assets, but China clearly felt otherwise. It has since forced all its crypto miners to move elsewhere and has declared all bitcoin and digital currency transactions illegal.