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India fastest-growing FinTech market, ahead of US in financial innovation: Senator Steve Daines

Washington, June 11

Republican Senator Steve Daines mentioned India is the “fastest-growing” FinTech market on the earth and much forward of the US by way of monetary innovation.

The senator from Montana mentioned the US faces a problem from China, which has launched a digital Yuan, which they hope will at some point displace the greenback because the world’s dominant reserve foreign money. 

“Even past the digital Yuan, it is no secret that China and plenty of different international locations are properly forward of us with regard to monetary innovation,” he mentioned throughout a Congressional listening to by the Senate Banking, Housing and City Affairs Subcommittee on Financial Coverage on Central Financial institution Digital Forex.

“India is among the many fastest-growing FinTech markets on the earth. In reality, India processed practically 10 billion extra real-time funds than China in 2020, USD 25.5 billion, versus USD 15.7 billion for China,” Daines mentioned.

He mentioned that in comparison with India and China, the US processed simply USD 1.2 billion of real-time funds.

Darrell Duffie, the Adams Distinguished Professor of Administration and Professor of Finance at Stanford Graduate Faculty of Enterprise, agreed through the testimony.

“At this stage, the US has fallen behind even India and China with respect to digital foreign money expertise. And the competitors for business providers internationally is essential,” Duffie mentioned.

“US banks have been ceding floor to Chinese language banks internationally. If the US needs to compete, it’s going to should spend money on expertise on this space, notably with respect to the brand new makes use of of digital ledger expertise,” he added.

Christopher Giancarlo, the previous Chairman of the US Commodity Futures Buying and selling Fee mentioned the usage of distributed ledger expertise with tokenised cash might current a future very totally different from the one identified right this moment.

“Right now, we consider a worldwide community of banking establishments which have been very helpful to the US in sanctions, energy and different areas but additionally to wash up cash laundering and surveil that banking community. However sooner or later, we might even see very totally different networks of digital foreign money. There could also be a Yuan community. There could also be a dollar-based community,” he mentioned.

How these networks work together with one another goes to be of vital significance and the work of China in taking a look at blockchain expertise and serving to to set the requirements of interoperability between these networks goes to be of vital significance. 

“Whether or not we ultimately desire a digital greenback or not is nearly a problem of second-order magnitude. The primary concern is that we lead within the technological improvement and in the usual setting,” Giancarlo mentioned. PTI

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