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China Leading the Way on Central Bank Cryptos: Circle CEO

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September 11, 2019 | 

547 Views | 

Darryn Pollock | 

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Ever since China became the first countries to take a hard line approach to the regulation of cryptocurrencies, banning ICOs, then the ability to use exchanges in the country, it has gotten a bad reputation for its approach to the new and nascent financial space. 

However, the country is also one of the few nations in the world that is championing the idea of a central bank-based cryptocurrency that will be used by a huge portion of its population. This cryptocurrency may not be the traditional Bitcoin-like coin, with its decentralization and lack of control, but it is still a big step towards the adoption of digital currency.

China marching on at the moment to potential launch their coin as soon as 11 november of this year. They are trying to race to beat Libra, and they are trying to ensure that their coins gets a decent uptake in usage and application. So, although this is not a Bitcoin-like coin, it is still an active digital currency, and these efforts have been praised by Circle CEO, Jeremy Allaire.

Allaire is a big cryptocurrency supporter, and was one of the speakers in defence of crypto when the US senate was having hearings about how best to regulate and set up a framework for the active usage of cryptocurrency in the USA. He has said, in an interview aired on Phoenix Chinese News. that China’s Central Bank Digital Currency (CBDC) is the very progressive.

Looking at it from an R&D perspective

Allaire has said that he thinks the People’s Bank of China is being very progressive with its CBDC because it is taking an approach which has been full of research and development. Indeed, the coin has been talked about for some time with the rush to launch only coming with Libra’s competition arose. 

The Circle CEO emphasized that the PBoC appears to be the most significant central bank to be launching a digital currency commercially, adding that there is no one else in the world who is anywhere close.

Allaire showed real excitement about the potential interaction of the PBoC’s CBDC with stablecoins that are pegged to the United States dollar. He said:

“For us, we've been working for multiple years on the US Dollar coin that's been growing very fast. And I think that we're excited to see how things like the Chinese central bank digital currency could eventually interact or be traded with things like US Dollar coin."

Digital empowerment

The application of this CBDC by the PBoC will allow for them to have a new type of money for their citizens to use - but a new form that they can control still - however, it will also have the benefit of being a monetary system that is free from the Western Banking system that has a monopoly over the global financial space. 

In fact, it has been suggested by people involved in the CBDC that hope is with this coin the Chinese will be able to use the coin to interact with people in the west and open up new doorways devoid from sanctions or limitations.

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