Circle CEO of global cryptocurrency company Jeremy Aller believes that China’s digital currency plans “are an example of how China is far ahead of the US in technical innovation, including in payment systems. Judging by the development of the future economy, I think that China will be ahead. ”
He also notes that the electronic currency version of the Chinese yuan will open up the possibility for China and Chinese companies to directly interact with counterparties around the world and bypass the Western banking system:
“For me, this country looks ahead 10, 20, 30 years ahead, and this is likely to bring great success. “I think that there is not a single person working in this perspective in the United States Government or the Federal Reserve.”
About 40% of Circle operations are concentrated in North America, from 30% to 35% are in Asia with an office in Hong Kong, the rest are in Europe. The company also manages the Poloniex exchange, created the stablecoin USDC together with Coinbase, and this year began using an online platform to raise funds.
Aller is sure that as macroeconomic problems intensify – trade conflicts, poor harvests and nationalism increase, interest in assets such as Bitcoin will increase.
According to him, China’s desire to create a digital currency is consistent with one of Circle’s main beliefs that the world’s trading currency will become digital at some point.
It will provide China with greater control than cash, so each central bank will ultimately follow suit.