HONG KONG, CHINA / ACCESSWIRE / December 4, 2019 / The global launch of the Asia Currency Unit (ACU) white paper will be held in Hong Kong, the Asia Pacific financial center, on 16 December 2019. At that time, authoritative representatives from more than 50 countries will gather to witness ACU's new great journey.
Circle CEO Jeremy Allaire believes that China’s developing “cryptocurrency” could propel the yuan to worldwide renown as a global reserve currency.
Facebook CEO Mark Zuckerberg was at least half right when he recently told the United States Congress that there is no US monopoly on regulation of next-generation payments technology. You may not like Facebook’s proposed Libra (pseudo) cryptocurrency, Zuckerberg implied, but a state-run Chinese digital currency with global ambitions is perhaps just a few months away, and you will probably like that even less.
a visual representation of digital cryptocurrency coins sit on display in front of a Chinese flag on Oct. 17, 2019 in Paris. Chinese authorities are stepping up preparations for their own virtual currency as Facebook promises to revolutionize payments with its virtual currency called 'libra'. No date has been set.
KEY POINTS The People’s Bank of China (PBOC) last month said it’s close to launching its own digital yuan, arguing that the rationale behind the move is to “protect” its foreign exchange sovereignty. “This becomes a mechanism by which (the yuan) can be used in everyday transactions all around the world,” said Circle CEO Jeremy Allaire.
Central banks worldwide are examining the possibility of issuing a central bank digital currency (CBDC), with some already testing theirs for different uses. Countries that have advanced their digital currency projects include China, Singapore, Canada, the Bahamas, Thailand, Uruguay, and Sweden. India has also included the digital rupee in the country’s draft cryptocurrency bill.
Circle CEO Jeremy Allaire recently made his case on why the People’s Bank of China (PBoC) issuing its own cryptocurrency might be a massive boost for the yuan. In fact, it could propel it to increased global status.