Circle CEO Jeremy Allaire said China is showing the most progressive approach to developing its own digital currency (CBDC).
In an interview with Phoenix Chinese News, he emphasized that the People’s Bank of China (NBK) is the only central bank in the world that not only explores CBDC, but also develops government cryptocurrency. NBK may be the most significant global bank to issue CBDC.
“For many years we worked on stablecoin pegged to the US dollar. We would be happy to see how projects such as the state cryptocurrency of China will interact and trade with stable coins like USDC, ”said Circle CEO.
Earlier, Mu Changchun, deputy director of the NBK payment and settlement solutions division, said that China’s state cryptocurrency would be similar to Libra. According to him, China is developing its own digital currency to protect its “monetary sovereignty and legal currency status.”
In addition, it was reported yesterday that Tether released the CNHT stablecoin provided by the Chinese yuan on the Ethereum blockchain. The new ERC-20 standard token is provided by RMB held in offshore.
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