Money Reimagined: The US’ Kodak Moment (Movement to Digital Currencies needs to happen now!)

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>So, while we’re right to worry about a Chinese “panopticon” ingesting people’s identifying information, that’s not the data threat the U.S. can or should compete with. In the same podcast episode, Policy 4.0 CEO Tanvi Ratna said the bigger issue is how troves of DCEP-generated anonymized data will enable Chinese businesses to extract huge efficiencies and unlock innovation across decentralized economic systems.
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>There may be a way for the U.S. to compete here. But it will require a radical, disruptive solution. 
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>The answer is that Washington must embrace and encourage an open money system, a world of interoperable, freely accessible open-source tokens and blockchains – everything from a digital dollar to [bitcoin (BTC, +1.85%)](https://www.coindesk.com/price/bitcoin) – and encourage innovators to use and build new products on top of them.
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>We know from the internet that open systems will beat closed systems in powering innovation. 
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>And while this approach fits the traditional U.S. stance on competition, market liberalism and free trade, it represents an existential threat to China’s ruling Communist Party. 
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>The problem is that if Kodak struggled to kill its then-lucrative film business in the nineties, it’s hard to imagine the U.S. giving up the drug of dollar supremacy. 
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>Good luck, President Biden.

We need the government to pull the trigger on this ASAP. The longer we wait the quicker China will be to monopolize digital currencies. This could have a disastrous effect on the World’s economies.

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