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Coinbase CEO warns of China's digital payment industry as a strong challenge to US crypto industry

According to Coinbase CEO Brian Armstrong's op-ed on MarketWatch, China's digital payments industry poses a strong challenge to the US crypto industry. Armstrong highlighted the integrated payment systems offered by Chinese tech giants Alipay and Tencent, which are being promoted worldwide with the social credit system baked in. He also noted that China's digital yuan is intended to directly challenge the US dollar. Armstrong urged regulators to create rules that will produce a strong and competitive US crypto industry and called on Congress to pass comprehensive legislation that safeguards consumers and fosters innovation.

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