Ethereum co-founder and CEO of ConsenSys, Joe Lubin, believes that China will try to avoid the decentralized aspects of the blockchain when developing the digital renminbi.
The People’s Bank of China (NBK) believes that the launch of the digital renminbi “will have many positive aspects, will attract more money to the economy and support monetary policy.” Naturally, the digital currency of the Central Bank of China will be controlled by the Central Bank.
“China is hardly interested in decentralization. I think that they will launch a digital yuan in China, which will use some cryptographic capabilities, but it makes no sense for China to launch a decentralized currency, ”Lubin said in an interview
Lubin considers it an exaggeration that the digital yuan will allow the Central Bank of China to better control cash flows.
“I think that the central bank and the government already have very significant control. The digital yuan will simply maintain the level of cash flow control that they already have. But it will also allow more government and global systems to interact, ”said CEO ConsenSys.
Recently, Vice Chairman of the China Center for International Economic Exchange (CCIEE) Huang Qifan said the People’s Bank of China will be the first to issue state cryptocurrency in the world.