Digital currency will help China get around the “western banking system”

UNITED STATES, WASHINGTON (OBSERVATORY) — Circle cryptocurrency company CEO Jeremy Allair said China is significantly ahead of the US in creating a national digital currency, CoinDesk reports.

Allair noted that thanks to the digital currency, over time, China will be able to circumvent the “Western rules”, since the new means of payment will open up great opportunities for the country and local companies.

“Circle is also confident that all of the world’s largest reserve currencies, which are most used in global trade, will become digital,” the head of the American company added.

Allair also said that his company is closely monitoring Chinese developments, not forgetting, however, about the further promotion of its own stablecoin – USD Coin ( 25th place of CoinMarketCap with $ 437 million capitalization).

Recall, recently, representatives of the People’s Bank of China said that soon their own digital currency will be launched in the country, suggesting a two-tier banking system.

Earlier, Jeremy Allaire expressed the opinion that the devaluation of the renminbi against the backdrop of global instability and increasing protectionism contributes to the growth of bitcoin .


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