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​Crypto state backed - Circle: China will be the best

2019-09-11 10:05 am | Resource: News Section | No Views : 18

​Crypto state backed - Circle: China will be the best Circle CEO Jeremy Allaire said Crypto introduction by CBDCs would be the best in China, because it has the most progressive approach so far.
Allaire added that the Chinese central bank has the most advanced ideas on CBDCs in an interview broadcast on Phoenix Chinese News, last Monday, September 9.
According to Allaire, the People's Bank of China (PBoC) is the only global central bank working on the Convention on Biological Diversity from a research and development perspective. Circle CEO confirmed that PBoC seems to be the most important central bank launching commercially cryptocurrencies, adding that no one else in the world is anywhere near.
Allaire showed more excitement about the possible interaction of CBDC, PBoC with stable currencies linked to the US dollar. He said:
"For us, we have been working for several years on a rapidly growing US dollar. I think we're excited to see how things like the CrB's Crypto eventually interact or trade things like the US dollar."
Allaire's positive comments about the PBoC initiatives in CBDC space come amid the launch of a stable new currency of Chinese yuan, CNHT, by Tether.
The company officially announced the news, Monday, September 9, explaining that the new stable currency linked to the yuan abroad, which will make it free of monetary policies of Beijing.
On the other hand, Allaire was reaffirming his bullish stance on the PBoC, having previously claimed that the cryptocurrency version of the Chinese renminbi could bypass the Western banking system.
Meanwhile, according to unconfirmed reports, the People's Bank of China is said to be creating the first CBDC with online retail giant Alibaba, Internet giant Tencent, five banking institutions, and one unidentified entity, as reported in late August this year.
Moreover, on August 20, a local report stated that PBoC was almost ready to launch the state-backed Crypto, which may have been influenced by the unveiling of the Libra cryptocurrency, which was planned by social networking giant Facebook, in June 2019.

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