The digital currency of China will circumvent the Western payment system

Circle CEO Cryptocurrency startup Jeremy Allair emphasized that the US is lagging behind China in developing its own digital currency.

Recall that, as the Central Bank of China recently reported, the country will soon have its own digital currency, which has been worked on for five years.

According to Jeremy Ellair, the development of a national cryptocurrency will allow Chinese companies to gain an advantage in trading around the world and bypass Western payment companies.

“We believe that the world’s reserve currencies will become digital. The digital version of the RMB, which will be launched on software platforms via the Internet, will indeed enable China and Chinese companies to circumvent the Western banking system, ”he said.

Circle CEO also emphasized that his company is closely monitoring the development of the digital renminbi. In his opinion, such a currency shows the future of the financial world.

“I think in a broader sense, the internationalization of the renminbi will further strengthen China’s role as a trading partner. Digital currency is a natural way of development in this direction, ”said Ellair.