The United States is planning to revive its research institutions to remain the go-to destination for cutting-edge technology.

The US Senate has created a new technology directorate called the Directorate for Technology and Innovation under the canopy of the National Science Foundation through a majority bill supported by both factions of the US Congress.

The technology directorate, focused on re-establishing the US as the top technology provider, was created in a recent Endless Frontier Act sponsored by Senator Chuck Schumer (D – NY) and passed by the US Senate.

The bill, which received a majority vote on Tuesday, has ten “key technology focus areas” on its agenda.” These include quantum computing, artificial intelligence, distributed ledger technologies, amongst others.

Speaking on the motive behind the new technology hub, the bill notes that the New Directorate for Technology aims to strengthen the position of the US in critical technologies. This will be done through improving education in such essential areas and developing talents in the field, the bill reads.

An amendment by Senator Bill Hagerty to the bill is also looking at the potential risks China’s digital yuan could pose to the US dollar in the long term. These risks include digital yuan used as a surveillance tool, security and illicit feature, and economic coercion and social control.

National banks have taken up the responsibility of creating a digital version of their fiat currencies called central bank digital currencies (CBDC) as the world shifts to a digital economy.

This has seen many apex banks launch exploratory programs to study the impact these state-backed digital currencies could have on the economy.

Asian giant China is ahead of the pack, with pilot tests being run for its digital yuan in select cities. Although there are allegations that the digital yuan aims to replace the US dollar as the world's reserve currency, the Chinese government has denied these claims.

Other central banks are also working on a potential digital version of their fiat, with Sweden looking at an e-krona in the next few years.

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