China is creating a cryptocurrency to eliminate the mediation of US dollars. This currency will transact in China, they will scale up payments globally.
And how can we prove that the same cryptocurrency won't be converted just like bitcoin or etheruem to the US dollar before buying any other fiat like in exchanges such as binance. China is making themself a big rival to US especially during the Trump regime. The Republicans have there way of trying to make larger political movement and statement, this might be the course of some of the business struggles within those two countries.
I believe that John Biden will have different policies and tougher steps to address this problem, while strengthening the dollar's position on the world stage. But the European Union today, fearing an even more global crisis, due to China's plans for the dollar and the digital yuan, is already testing the digital euro.