Having alternative digital currencies such as stablecoins and central bank-backed digital currencies is better. China must endure its digital currency has more freedom in order to compete with the US dollar. China’s soon to be launched digital currency is still in the testing and development stage as reported by FXStreet on Wednesday. The CEO of the largest cryptocurrency exchange Binance, Changpeng Zhao says that the People’s Bank of China (PBOC)-backed digital currency, is meant to compete with the US dollar for global dominance. Zhao commonly referred to as CZ was speaking at the BlockShow Asia 2019 in his opinion the token will be a digital version of the RMB. “The Chinese government wants to push RMB’s influence globally. They want RMB to be competitive with the US dollar. In order to do that they really need to push this currency to have more freedom.” According to CZ, it is more beneficial to have alternative currencies as opposed to having limited options. He explained: “Having is better than not having. Having stablecoins is better than not having them. Having Libra is better than not having it.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next AUD/USD plummets to fresh multi-week lows, just below 0.6800 handle FX Street 3 years Having alternative digital currencies such as stablecoins and central bank-backed digital currencies is better. China must endure its digital currency has more freedom in order to compete with the US dollar. China's soon to be launched digital currency is still in the testing and development stage as reported by FXStreet on Wednesday. The CEO of the largest cryptocurrency exchange Binance, Changpeng Zhao says that the People's Bank of China (PBOC)-backed digital currency, is meant to compete with the US dollar for global dominance. Zhao commonly referred to as CZ was speaking at the BlockShow Asia 2019 in his opinion the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
