Jeremy Allaire, CEO of Circle (USDC), one of the world’s largest stablecoin issuers, said that China should focus on stablecoins rather than central bank digital currencies (CBDC).
Circle CEO Jeremy Allaire 11 July on in the South China Morning Post (SCMP) In an interview published, Beijing of the government Globalizing the Chinese Yuan (CNY) within the scope of the target CBDC projects like eCNY in its place Evaluate CNY-based stablecoin plans stated that it should.
If the Chinese government wants the yuan to be used more freely in worldwide trade in the future, the central bank can do so with stablecoins rather than digital currencies.
At this point, stablecoins are relative to CBDCs. more technologically advantageous Allaire stated that both products complementary roles stated that. CEO though CBDC studies with stablecoins issued by private companies between difference He used the following statements about:
It’s great if central banks are upgrading their systems to innovate into distributed ledger technology. This would have many benefits, but I see it quite differently from what the private sector does for public internet innovation.
China has recently Development of the cryptocurrency ecosystem in Hong Kong for many in indirect support found. On the other hand, the Beijing government To maintain its anti-crypto stance across China continues.
in china CNY based stablecoin issuer of True Reserve the team passed in may He was taken into custody by the country’s law enforcement.