WASHINGTON: Senator Steve Daines, a Republican, claims that India is the world’s fastest-growing FinTech market and is far ahead of the United States in terms of financial innovation. According to the senator from Montana, China has established a digital Yuan, which they believe could one day supersede the dollar as the world’s primary reserve currency.
Daines claimed that India is one of the world’s fastest-growing FinTech markets. India processed $25.5 billion in real-time payments in 2020, compared to $15.7 billion in China.
“At this stage, the United States has fallen behind even India and China with respect to digital currency technology. And the competition for commercial services internationally is very important,” said Darrell Duffie, the Adams Distinguished Professor of Management and Professor of Finance at Stanford Graduate School of Business
The integration of blockchain technology with tokenized money might usher in a world substantially different from the one we know today, according to Christopher Giancarlo, former Chairman of the US Commodity Futures Trading Commission.