Jeremy Allaire On China’s Cryptocurrency ‘Bypassing’ The Western Rules

The founder of the popular cryptocurrency app Circle, Jeremy Allaire, has recently voiced his opinions on the US lagging behind China’s development of a national digital currency which could alter the way Western companies transfer payments. The speech of Jeremy Allaire on China’s cryptocurrency “bypassing” the Western banking system was featured on many best cryptocurrency news sites.

Allaire was a guest on the Global Coin Research podcast this week. He started the discussion noting that China is setting the pace in the development of a digital currency equivalent of its fiat currency – the renminbi – which could soon bypass the Western banking system and rules through direct settlements. The altcoin news showed the confidence of Jeremy Allaire on China’s cryptocurrency as he revealed:

“[Circle] also believes that the major reserve currencies of the world, the major trade currencies of the world, would become digital currencies. A digital currency version of renminbi that runs on software platforms that can be run over the internet, it really creates an opportunity for China and Chinese companies . . . and bypass the western banking system.”

What’s most interesting is the fact that this month, the People’s Bank of China announced that it is wrapping up a year long digital currency project. Allaire then said that Circle – which launched a US dollar stablecoin in 2018 – is apparently keeping the eye on China’s development. As the statement of Jeremy Allaire on China’s cryptocurrency showed, a digital renminbi makes sense in view of the larger global financial picture.

“I think the broader concept of the internationalisation 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,” the founder of Circle noted.

Meanwhile, the market seems to be in a vulnerable position right now. Despite the 24 hour volume of $50 billion, the market has lost about $8 billion overnight and most of the top 20 cryptocurrencies are in the red zone.

The coming altcoin news show that one cryptocurrency from the top 40 named Ravencoin (RVN) is rising by 8.51% overnight. This coin has been growing over the past week and there seems to be a positive sentiment around it.