China’s CBDC Showcases Interoperability As Centralization’s Weakness
Cointelegraph By Kyle White's original article for cointelegraph.com reduced by 76%
The main question driving the conversation is the Chinese government's sudden advocacy for blockchain systems and a specific interest in being the first major international power to create a national cryptocurrency, and state-sponsored blockchain solutions. Their steps into cryptocurrency may create interoperability issues with public blockchains and other countries' currencies that may not fit to state-run standards. Sharp Ye, a Beijing-based blockchain Partner of Boom Blockchain, a firm focused on introducing projects to China, told Cointelegraph, "China will continue to pay more and more attention to the blockchain, because this is the next point of economic growth." China's blockchain plans have been in motion for some years, and the People's Bank of China has completed a CBDC prototype.
Since Xi's pro-blockchain announcement in late October, the number of searches for "Blockchain" on WeChat alone has multiplied by more than 10.Weighing crackdowns with economic concerns and stimulus The real issue is not in raising the acceptability of crypto, but making a CBDC function under decentralized blockchain technology. "Interoperability amongst the entire blockchain ecosystem is important. It leads to greater innovation, wider adoption, and thriving communities.
As long as we recognize our shared values such as immutability and censorship resistance, interoperability shouldn't be an issue." If the Chinese CBDC turns out to be successful and the government's alleged centralization strategy is implemented, investors and traders may begin to look into further blockchain implementations.
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