Circle CEO Jeremy Allaire has recently stated that the country that has the most advanced thinking about central bank digital currencies (CBDCs) is China.

During an interview aired on Phoenix Chinese News, Allaire said that the People’s Bank of China (PBoC) is making remarkable progress in researching and developing CBDC. The CEO also noted that while no one else in the globe who is anywhere closer, the efforts of PBoC in launching a digital currency commercially is worth recognizing. 

“For us, we’ve been working for multiple years on the US Dollar coin that’s been growing very fast. And I think that we’re excited to see how things like the Chinese central bank digital currency could eventually interact or be traded with things like US Dollar coin.” Allaire said, shown his interest in the interaction between PBoC’s CBDC and stablecoins pegged to the United States dollar.

Allaire’s statement came after PBoC announced that its self-developed cryptocurrency can be considered ready to be introduced.

Mu Changchun – deputy director of the PBoC – reportedly revealed that their research team has been working on a crypto project for half a decade, and has succeeded in creating a blockchain-based, prototype version of the digital coin.