The competition between China and the US in the realm of digital currencies reflects their intense rivalry in technology, finance and global influence. Both nations are advancing their own digital currency initiatives with different approaches, driven by economic, geopolitical and strategic motivations. China has pushed forward with creating a central bank digital currency (CBDC) that forms part of the country’s legal tender. The US has taken an approach that relies on private-sector initiatives to digitise and create cryptocurrencies that are off the regulatory radar.