Co-founder and managing partner at Electric Capital, Avichal Garg, is convinced the only way for the U.S. to catch up with China in the digital currency war is by embracing privacy-focused cryptocurrency.
According to Garg, the Chinese are already far ahead of the U.S. in the digital currency race – their DCEP, or Digital Currency Electronic Payment, is due to launch by the end of the year. That is why developing a US digital dollar might not be enough to compete, given the long time it will take to develop it.
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