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Joseph Lubin hopes for openness of China's national digital currency

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lizaromanova

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In an interview with Forbes, one of the founders of Ethereum, Joseph Lubin, said that he hoped that after launching the national digital currency of China, it would work with open blockchain technologies such as Ethereum.

Joseph also said that he wanted China to actively participate in the Ethereum ecosystem. In his opinion, it's more profitable for China to use the most powerful technologies that the Ethereum blockchain offeres. Lubin shared that he was ready to assist China in mastering the technologies of its network.

Joseph noted that China would not stop oppressing the position of the US national currency in the status of the world reserve currency. In his opinion, the launch of the national cryptocurrency of China would play a minor role in that matter. At present, Russia and China are finding different solutions in order to conduct business without the participation of the US dollar.

Joseph Lubin also recalled the topic that China was still against the use of other cryptocurrencies in the country. The implementation of this decision, according to the cofounder of Ethereum, directly depends on the strength of deep traffic filtering technologies. If the country really considers it necessary to completely block citizens' access to other cryptocurrencies, then it will do so.

There is also an opinion that using a country only of its own cryptocurrency entails tracking and control of all operations with the digital asset of each resident of the country. Lubin said that China was a large-scale organization with a customer base of 1.4 billion people. Since the Chinese authorities are terribly afraid of the outbreak of civil war, they are unlikely to monitor all transactions of the residents of China.

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11 Nov, 2019 12:35