Leading fin-tech entrepreneur thinks China’s state-backed cryptocurrency could spearhead global adoption of the yuan as a reserve asset. | Image: Shutterstock Circle CEO Jeremy Allaire believes that China’s developing "cryptocurrency" could propel the yuan to worldwide renown as a global reserve currency. Jeremy Allaire on the potential of China’s nascent CBDC. | Source: Twitter, Circle Speaking to CNBC’s Squawk Box, Allaire highlighted the budding prospects of the central bank digital currency (CBDC), suggesting that it could act as the "mechanism" for worldwide adoption of the yuan. “I look at this really meeting several goals. But, I think the bigger opportunity here is this is a way for the Chinese yuan to be distributed globally.” For Allaire, China’s foray into the digital currency market heralds a pioneering step for the proliferation of CBDCs, and indeed cryptocurrencies. Allaire also expressed hopes for interoperability between the CBDC and Circle’s USDC – a stablecoin pegged to the U.S. dollar . “For us, we’ve been working for multiple years on the U.S. 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 U.S. Dollar coin." Despite issuing a blanket ban on cryptocurrency trading in September 2017, the People’s Bank of China has been actively involved in digital asset research and development. | Source: Shutterstock. Pointing out the vast array of digital assets on the market, Allaire differentiated between several types; remarking […]
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