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Expert Argues Digital Yuan Is Unlikely To Outcompete Stablecoin Tether
Summary: As conversations surrounding central bank digital currencies (CBDCs) gain traction, head trader at Genesis Block Charles Yang argues that the leading CBDC project — China's digital yuan — is unlikely to overthrow dollar-backed stablecoins like Tether, as reported by Cointelegraph. Speaking at the Unitize panel on Monday, July 6 Yang stated that crypto thrives in countries with capital constraints ...
As conversations surrounding central bank digital currencies (CBDCs) gain traction, head trader at Genesis Block Charles Yang argues that the leading CBDC project — China's digital yuan — is unlikely to overthrow dollar-backed stablecoins like Tether, as reported by Cointelegraph.
Speaking at the Unitize panel on Monday, July 6 Yang stated that crypto thrives in countries with capital constraints preventing people from using traditional banking channels. Crypto options like Tether offer an alternative, but a digital yuan would likely have the same constraints.
Additionally, if China launches a digital yuan on their blockchain and other countries want to use it, China would have to allow them to access the blockchain data which leadership may not be willing to do.
In Yang's opinion, Tether is likely to remain the favorite stablecoin in Asia.
By Emily Mason
Tags: CBDC,Digital Yuan,Tether
Link: Expert Argues Digital Yuan Is Unlikely To Outcompete Stablecoin Tether [Copy]
