Cryptocurrency pioneer Chandler Guo says China’s central bank-backed digital yuan will become a major player in global economies.
Guo, who first set up a bitcoin mining operation in 2014 in Western China, predicts the country’s digital currency electronic payment (DCEP) token will become a dominant global currency. He said, “one day everyone in the world will be using DCEP.”
He continued, saying China’s proposed digital yuan would find success amongst the country’s 39 million citizens living abroad. He claimed that China’s global citizenship would turn the DCEP into an international currency by engaging in transactions with the mainland.
Despite Guo’s optimism, others are concerned that Chinese authorities will use the currency as a way to impose greater control over their citizenship.
Speaking with the BBC, anonymous Chinese cryptocurrency observer Bitfool claimed the DCEP is aimed at breaking the dollar’s dominance.
He said,
The Chinese government believes that if some other countries can also use the Chinese currency it can break the United States’ monetary sovereignty. The United States has built the current global financial system and the instruments.
Bitfool continued, saying he trusts bitcoin “more” than digital currencies and highlighted the direct ownership of decentralized crypto-assets.
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