Jeremy Allaire: the Digital Currency Will Help China to Bypass «Western Bank System»
In the podcast of the Global Coin Research, Allaire stated that China is setting the pace for the developing a digital currency, which is equivalent to its fiat one (Сhinese yuan) and also can soon circumvent «western rules». The new payment tool creates more opportunities both for the country and Chinese companies.
Circle also believes that the major reserve currencies of the world, the major trade currencies of the world, would become digital currencies
China and the Future of Digital Currencies
Earlier in August, the People’s bank of China announced the completion of the project on creation the national cryptocurrency and that in a short it would launch the coin, involving a two-tier banking system.
Allaire mentioned as well that Circle is interested in developing the digital currency in China, not forgetting about the further advancing of its own stablecoin USD Coin. The head of the American company is confident that digital yuan is very important in view of a larger global financial outlook.
I think the broader concept of the internationalization of the yuan and the belt and road initiative and the desire to expand China role as a trade counterparty...digital currency is a natural path for that to grow.
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