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China has the most progressive and modern outlook towards CBDCs: Jeremy Allaire, Circle CEO

Circle CEO Jeremy Allaire has commented that, China has the most progressive approach towards central bank digital currencies (CBDCs) till date. Allaire expressed his optimistic views towards China’s digital currency approach in an interview telecast on Phoenix Chinese News. Allaire lauded the People’s Bank of China for adopting an R&D approach towards developing CBDCs, and believes that China is the first and only country to do it. 



Allaire is of the opinion that PBoC’s CBDC has the potential to interact with stablecoins pegged to the USD. He added, “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.”



Prominent stablecoin firm Tether recently launched a new Chinese yuan-pegged stablecoin, CNHT. Tether commented that the stablecoin is pegged to offshore yuan, and this will effectively make it free of the monetary policies of Beijing.



As per reports which surfaced last month, PBoC is looking to set up its first-ever CBDC with online retail giant Alibaba, Internet giant Tencent, five banking organizations and one unknown entity. 
The post China has the most progressive and modern outlook towards CBDCs: Jeremy Allaire, Circle CEO appeared first on BlockInspect .

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