China’s digital currency aims at taking on the US dollar: Binance CEO Changpeng Zhao
- Having alternative digital currencies such as stablecoins and central bank-backed digital currencies is better.
- China must endure its digital currency has more freedom in order to compete with the US dollar.
China's soon to be launched digital currency is still in the testing and development stage as reported by FXStreet on Wednesday. The CEO of the largest cryptocurrency exchange Binance, Changpeng Zhao says that the People’s Bank of China (PBOC)-backed digital currency, is meant to compete with the US dollar for global dominance.
Zhao commonly referred to as CZ was speaking at the BlockShow Asia 2019 in his opinion the token will be a digital version of the RMB.
“The Chinese government wants to push RMB’s influence globally. They want RMB to be competitive with the US dollar. In order to do that they really need to push this currency to have more freedom.”
According to CZ, it is more beneficial to have alternative currencies as opposed to having limited options. He explained: “Having is better than not having. Having stablecoins is better than not having them. Having Libra is better than not having it.”
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
