The U.S. continues to lead in the innovation, regulation and implementation of blockchain-based digital securities, banking, payments, insurance, etc., but may not be as far along as others when it comes to CBDCs. Over the last decade, American innovators have built compelling innovations in blockchain, digital currency and cryptocurrency aimed at revolutionizing finance and creating new US tech superstars.
Tech leaders in the space like Securitize are paving the way for widespread adoption and access to liquidity by building the mechanisms for the industry to take hold. The benefits of CBDCs will propel the U.S. implementation of a digital dollar. The release of CBDC is not just a technical change, but it's also the revamp of a financial system that is centuries old.
"The United States usually wins when we unleash the power of our innovative, dynamic private sector, with the government setting the rules rather than building the products," said, former acting comptroller of the currency of the U.S. Treasury Department's Office of the Comptroller of the Currency.
Whoever leads this race and determines the outcome of its infrastructure and operation will most certainly gain a significant advantage and may have the possibility to spearhead many of the other innovations that come from this technology. The conversation of this tech competition between countries was even. China is far ahead in implementing real digital finance and currency programs as we speak, giving them a first-mover advantage in something as simple as experience.
The US and its regulatory bodies are still the gold standard and will ultimately set the pace and the rules. US-based innovators continue to roll out viable solutions, but which powerhouse will roll out the standard solutions first to control the space and our digital economic destiny?