Edith Yeung, a partner at blockchain-focused venture capital fund Proof of Capital, expects China to launch its own virtual currency 'quite soon,' in what she says could become a challenge to the U.S. dollar.
Tensions between the U.S. and China have reached fever-pitch in recent months. The world's two largest economies have been fighting over trade and technology in what some say is a power struggle for global leadership.
While the U.S. dollar remains the "prime" global currency, Yeung said the wider use of the Chinese yuan could "challenge the U.S." "I think the Chinese government is being really smart about driving the adoption of RMB," Yeung said, referring to the renminbi, another name for the Chinese yuan. "Can you imagine, especially for the One Belt One Road initiative, they to lend all in virtual RMB? Many of these countries will want to work with China to start adopting virtual RMB."
The One Belt One Road initiative is Chinese President Xi Jinping's signature infrastructure project to connect more than 60 countries in Asia, Europe, Africa and the Middle East. "I really think that the United States needs to hurry up to have a strong thinking and policy, at least a direction for virtual USD."
France Dernières Nouvelles, France Actualités
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