Circle CEO: No One in the World Is Any Closer to CBDCs than China
Helen Partz's original article for cointelegraph.com reduced by 75%
China has the most progressive approach to central bank digital currencies to date, according to Circle CEO Jeremy Allaire. The only global bank to really care Allaire said that China's central bank has the most advanced thinking about CBDCs in an interview aired on Phoenix Chinese News on Sept. 9.According to Allaire, the People's Bank of China is the only global central bank that is working on the CBDC from a research and development perspective.
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. "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." China's CBDC to bypass the Western banking systemAllaire's positive statements about the PBoC initiatives in the CBDC space come amid the launch of a new Chinese yuan-pegged stablecoin, CNHT, by major stablecoin firm Tether.
In some sense, Allaire was reiterating his bullish stance on the PBoC, after previously claiming that a digital currency version of China's national currency renminbi can bypass the Western banking system. According to unconfirmed reports, the People's Bank of China is reportedly setting up its first-ever CBDC with online retail giant Alibaba, Internet giant Tencent, five banking organizations and one unknown entity, as reported in late August.
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