“Innovation is going to flow to where it can thrive the most, and actively trying to block it is going to encourage it to head elsewhere,” said Sheila Warren.
433 Total views
30 Total shares
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.
“American exceptionalism is not something we can cling to anymore — not with the rise of what’s happening in Asia, Africa and around the globe,” said Warren. “Innovation is going to flow to where it can thrive the most, and actively trying to block it is going to encourage it to head elsewhere.”
She added:
“These things are going to get built. The question is where do we want them to be geographically located and under what legal, regulatory, and sociocultural systems, which will prioritize certain kinds of applications and models over others.”
Sheila Warren (3rd from left) speaking at Financial Surveillance in a Cashless Society panel at SXSW 2022
Warren said that certain parts of the United States were embracing innovation-friendly regulatory and business models, including Miami, Austin, and areas of Colorado. U.S. President Joe Biden’s recent executive order establishing a regulatory framework for cryptocurrencies could be a “massive driver” of jobs and innovation, according to the CCI CEO.
“We need every [U.S.] city to be embracing an innovation mindset,” said Warren. “That’s what’s happening in many parts of Asia, [where] every city is evaluating everything all the time.”
Related: Blockchain Association policy head: US shouldn’t compete with China’s CBDC using surveillance tools
Warren explored central bank digital currencies and promoted the adoption of blockchain technology during her time at the World Economic Forum, leaving in February to become CEO of the Crypto Council for Innovation. The alliance of firms includes Coinbase, Gemini, Fidelity Digital Assets, Paradigm, Ribbit Capital, Andreessen Horowitz and Block.
Microsoft announced its fully managed Azure Blockchain Service in a press release on May 2.The new blockchain-as-a-service (BaaS) platform will purportedly allow users to build blockchain applications on preconfigured network. According to Microsoft’s head of corporate communications, Frank Shaw, this service “simplifies the formation, management, and governance of consortium blockchain networks.”Shaw further noted that Azure Blockchain…
Lawyers said Do Kwon and Han Chang-joon could be released on bail and largely confined to a Montenegro apartment with the “obligation to periodically report to the state authority.” 1012 Total views 1 Total shares Authorities in Montenegro are moving forward with charges against Do Kwon and his former aide Han Chang-joon as lawyers for…
According to the crypto exchange, 7,026 FTX Japan account holders had moved funds from the firm to Liquid Global — a requirement in order to withdraw assets. 57 Total views 2 Total shares Own this piece of history Collect this article as an NFTBankrupt crypto firm FTX’s subsidiary in Japan has reported thousands moved from…
Fundstrat Global Advisers co-founder Thomas Lee wrote that the recent Bitcoin (BTC) pullback is healthy in a tweet on July 14.In his tweet, Lee also addressed concerns over the recent decrease in Google searches for Bitcoin:“As for the search traffic for bitcoin being low, I also think that is a good sign. It means the…
Dogwifhat open interest has spiked as its price has been trading below $1.90 since Aug. 25, while a trader points out a potential reversal pattern forming.
'Recycle to Earn' was the motto presented by Eric Vogel earlier this month while pitching his startup at the European Blockchain Convention, decades after he started recycling plastics and cans from his grandmother's house to earn extra money for a Game Boy. Vogel's love for video games and increasing interest in the impact of recycling in…
With an increasing number of people forced to work from their homes, data suggests that ransomware attacks are at their all-time highest with the frequency of these incidents increasing by 45% over the course of April 2021 alone. Not only that, some are adamant that the rise in ransomware attacks is closely connected to the…
All US stock indices rose on October 11, as traders awaited consumer price index data to be released on the 12th. 53 Total views 1 Total shares October 11, 2023US stocks rose for the fourth day in a row today, as traders waited for the consumer price index report to be released on October 12.