Circle CEO Jeremy Allaire Suggests Yuan-Based Stablecoin It may be China’s best bet to drive adoption of the country’s currency.interviewwith South China Morning Post
“If the Chinese government ultimately wants to see the RMB [หยวน] It is used more freely in trade and commerce around the world. Possibly, stablecoins will be more viable than central bank digital currencies.”
China cracks down on the use of cryptocurrencies in 2021 while also opening the way for trials, tests, and exits.The central bank digital currency (CBDC), which, according to the Chinese government in January 2023, has about 13 billion yuan in circulation.
Allaire admits that China is unlikely to welcome the use. cryptocurrencies Decentralized He noted that Hong Kong’s progressive attitude towards the crypto sector may signal support for the once subversive mainland.
CEO Circle also noted that The move by governments and central banks around the world to develop a CBDC that moves from “old technology to a more modern distributed ledger technology” is positive. But it should not be mistaken as a move towards embracing a system of decentralization and autonomous sovereignty.
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