The field of Crypto Assets has become a new battleground for Sino-U.S. rivalry, with significant divergence in attitudes towards CBDC.

Recently, the movements of China and the United States in the Crypto Assets field have attracted widespread attention. U.S. President Trump signed an executive order aimed at promoting the development of encryption, while China continues to advance its central bank digital currency project, with the two countries exhibiting distinctly different strategies in this area.

The Trump administration's executive order emphasized the importance of Crypto Assets for innovation and economic development in the United States. The order proposed the establishment of a national digital asset reserve and provided protections for developers and miners. At the same time, the order committed to protecting individuals' rights to self-custody of digital assets and supporting the development of dollar-backed stablecoins.

However, this order explicitly prohibits the development and use of Central Bank Digital Currencies (CBDC) in the United States. The Trump administration has taken a cautious stance on CBDCs, believing that they may threaten individual privacy. This position aligns with the Republican Party's general skepticism towards government intervention in the financial industry.

At the same time, China is at the forefront of the CBDC field globally. By July 2024, the application of China's digital renminbi has attracted 180 million individual users, with a cumulative transaction volume reaching 7.3 trillion yuan. China is also actively participating in international cooperation, such as the mBridge project, exploring the possibilities of a multi-central bank digital currency platform.

However, the promotion of the digital RMB also faces challenges. Dong Zhiyong, a scholar from Peking University, pointed out that the incentive mechanism of payment institutions is a key issue. He suggested establishing a reasonable fee mechanism and jointly exploring value-added services with payment institutions to enhance usage enthusiasm.

Globally, the momentum for the development of CBDCs is strong. Reports indicate that 134 countries are currently exploring digital versions of their national currencies, accounting for 98% of the global economy. Nearly half of these countries have entered the later stages, and some pioneering nations have begun to see significant increases in usage.

Despite the significant differences in positions on CBDC between China and the United States, both recognize the importance of Crypto Assets and blockchain technology for the future financial system. Recent policy documents released by departments such as the People's Bank of China provide support for residents of the Guangdong-Hong Kong-Macao Greater Bay Area to purchase qualified investment products through financial institutions in Hong Kong and Macao, which may provide new opportunities for the development of the Crypto Assets industry.

With the continuous development of Crypto Assets and blockchain technology, their role in the global financial system is becoming increasingly important. The policies and practices of China and the United States in this field will have a profound impact on the global financial landscape. Governments and financial institutions around the world need to closely monitor developments in this area to formulate appropriate strategies and policies.