TechFlow news — Circle CEO Jeremy Allaire said in an interview with the South China Morning Post that China is unlikely to open up to cryptocurrencies, but "if the Chinese government ultimately wants to see the renminbi used more freely in global trade and commerce, stablecoins could be a better pathway to achieve this than central bank digital currencies."
Circle CEO Jeremy Allaire recently told the South China Morning Post that if Beijing aims to internationalize its currency, it should consider allowing renminbi-backed stablecoins.
He told the publication: "If the Chinese government ultimately wants to see the renminbi used more freely in trade and commerce around the world, stablecoins may be better suited to achieve this goal than central bank digital currencies."
Although Allaire believes stablecoins are a superior option compared to CBDCs, he stated that the two are complementary. "It would be great if central banks were to upgrade their systems by moving from traditional technology to more modern distributed ledger technology," he told the South China Morning Post. "There's a lot of value in that, but I think it's very different from the innovative work being done by the private sector on public internet platforms."
