Jeremy Allaire, the CEO of Circle, has opined that the United States is as of present lagging behind the development trail of China, in as far as a national digital currency is concerned. He says that this is the case as a national digital currency by China could, in a number of ways, change the perception and the way Western companies make their transfer payment.
In a podcast this week, while speaking on the Global Coin Research, the Circle CEO made a point of saying that China was on the fast lane to setting the pace in regards to developing a digital currency that would be the country’s equivalent of its national Fiat currency.
China’s digital currency goes by the name of the Renminbi and according to reports and opinions from the crypto industry such as Circle CEO, Jeremy Allaire, is set to soon bypass Western rules by offering direct settlements. Allaire also said that Circle would continue to be interested, in so far as the development of stable coins such as its USD coin is concerned.
“Circle also believes that the major reserve currencies of the world and the major trade currencies of the world will become digital currencies. A digital currency version of Renminbi that runs on software platforms and that can be run over the internet will really create an opportunity for China and Chinese companies, and as such, this would move to bypass the Western banking system.” Allaire is quoted to have said on the podcast earlier this week.
This month saw an announcement made by the People’s Bank of China concerning the central bank’s plans to wrap up a yearlong digital currency project that it had been undertaking. Allaire has also said that Circle, which back in the year 2018 launched a US dollar stablecoin has and maintains its interests on China’s development.
A digital Renminbi, according to Allaire, will be more logical in the perspective of a more massive global financial arena. He continues to say in part, “I think the broader concept of the internationalization of the yuan and the belt and road initiative and the desire to expand China’s role as a trade counterparty… digital currency is a natural path for that to grow.”
China continues in its ambition to become a world superpower. The recently announced “made in China” initiative that seeks to see the country become a superpower and significant global player by the year 2025 has had an impact in the country’s modus operandi. Among such effects is the aggressive push by the country to develop a national cryptocurrency that would be acceptable as the fiats equivalent internationally. According to Jeremy Allaire, this currency is bound to take down the western banking system in its entirety.