China has the most progressive approach to central bank digital currencies (CBDCs) to date, according to Circle CEO Jeremy Allaire.
The only global bank to really care
Allaire said that China’s central bank has the most advanced thinking about CBDCs in an interview aired on Phoenix Chinese News on Sept. 9.
According to Allaire, the People’s Bank of China (PBoC) is the only global central bank that is working on the CBDC from a research and development perspective. The Circle CEO emphasized that the PBoC appears to be the most significant central bank to be launching a digital currency commercially, adding that there is no one else in the world who is anywhere close.
Allaire further expressed excitement about the potential interaction of the PBoC’s CBDC with stablecoins pegged to the United States dollar. He said:
“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.”
China’s CBDC to bypass the Western banking system
Allaire’s positive statements about the PBoC initiatives in the CBDC space come amid the launch of a new Chinese yuan-pegged stablecoin, CNHT, by major stablecoin firm Tether. The company officially announced the news on Sept. 9, explaining that the new stablecoin is pegged to the offshore yuan, which will purportedly make it free of the monetary policies of Beijing.
In some sense, Allaire was reiterating his bullish stance on the PBoC, after previously claiming that a digital currency version of China’s national currency renminbi can bypass the Western banking system.
Meanwhile, according to unconfirmed reports, the People’s Bank of China is reportedly setting up its first-ever CBDC with online retail giant Alibaba, Internet giant Tencent, five banking organizations and one unknown entity, as reported in late August. Moreover, on Aug. 20, a local report stated the PBoC was almost ready to launch its state-backed digital currency, which may have been influenced by the unveiling of Facebook’s planned cryptocurrency Libra in June 2019.
Bakkt CEO Set To Be New Governor Of Georgia As The Senate
- A friend of cryptocurrency is set to be making waves inside the US Senate.
- The CEO of Bakkt, Kelly Loeffler is going to be appointed as the new US senator of Georgia.
- CBS News has reported the decision would come into play on January 1st, 2020.
A friend of cryptocurrency is set to be making waves inside the US Senate.
The CEO of Bakkt, Kelly Loeffler is going to be appointed as the new US senator of Georgia. CBS News has reported that a source familiar with the plan to make Loeffler a senator confirmed the news, saying the decision would come into play on January 1st, 2020.
We don’t yet know who is going to succeed Loeffler as the head of Bakkt, but her progress to congress in the US could prove to be a big thing for the crypto industry.
When she becomes appointed in the senate, Loeffler will become the second female US senator in Georgia’s history. So not only is this bullish news for crypto but it is also a great feat for the future of the state and country as a whole
Loeffler is said to have been handpicked for the seat in order to bring in a specific group of voters that the Republican party is very much missing at the moment.
Tim Echols, the Public Service Commissioner, also put his name in the hat for the seat. He spoke to The Atlanta Journal-Constitution that the current Georgia Governor, Brian Kemp made the right decision by choosing Loeffler.
“Kelly, or any outstanding conservative woman, helps Republicans win back suburban women who seem to have left our party in the last cycle. The governor knows what he’s doing.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
Circle Co-Founder Sean Neville Steps Down as Co-CEO
Sean Neville, Circle’s co-CEO, will be stepping down from his role at the end of the month.
Neville, who co-founded the Boston-based payments firm in 2014 with Jeremy Allaire, said in an email obtained by CoinDesk that he notified the company’s Board of Directors during a quarterly meeting. While he will transition out of his role as co-CEO, he will remain on the board as an independent director.
While Neville did not explicitly give a reason for his departure, he said in his email that the company’s recent sale of the Poloniex crypto exchange was one of several factors that made “the time appropriate for me to transition.”
As part of Circle’s board, Neville expects to continue working with CENTRE, the collaboration between Circle and Coinbase which is nominally the issuer of the USDC stablecoin.
“I also expect to propel the mission forward through CENTRE and other new complementary paths that traverse worthwhile challenges in infrastructure, regulatory policy, economics, and product design,” he wrote. “As always, I remain stubbornly optimistic about our ability to devise and execute well-crafted things that improve our collective future.”
However, first Neville intends to take a sabbatical, though he did not provide a timeframe.
Circle was founded as a peer-to-peer payments firm, and became the first company to receive a BitLicense from the New York Department of Financial Services in 2015.
The company acquired Poloniex in February 2018 for roughly $400 million. However, the company sold the exchange less than two years later to a group of investors which include Tron’s Justin Sun.Prior to the sale, Poloniex was experiencing headwinds, announcing in recent months that it would geofence certain digital assets away from U.S. consumers. Under its new ownership, the exchange does not intend to serve U.S. customers at al
Sundar Pichai Becomes CEO of Alphabet After Larry Page & Sergey Brin Resign
Highly-acclaimed founders of one of the world’s most successful companies Google, Larry Page and Sergey Brin, have resigned from their delegatory posts of CEO and President respectively at Alphabet, the parent company of Google.
However, what broke the Internet was the news about the appointment of Sundar Pichai, Google CEO, as the undisputed spearhead of Alphabet as part of a major turn of events in the tech giant. Born in Madurai in Tamil Nadu, India, Sundar Pichai will now serve as the CEO of Google and CEO of Alphabet jointly. The world-class leader, Sundar Pichai’s tireless efforts and incomparable leadership have earned glories for the search engine giant in every possible way. With his appointment as the de facto boss of Alphabet, the organization has undoubtedly shown a great deal of trust in the renowned business personality and his mastery in the field.
Larry Page held the position of CEO of Alphabet since 2015 when Google carried out its corporate restructuring until today. But now both Larry Page and Sergey Brin have decided to take a step back and have resigned from their respective offices in Alphabet.
In a joint letter given by Larry and Sergey, the two ex-spearheads stated that “Today, in 2019, if (Google) was a person, it would be a young adult of 21 and it would be time to leave the roost. While it has been a tremendous privilege to be deeply involved in the day-to-day management of the company for so long, we believe it’s time to assume the role of proud parents-offering advice and love, but not daily nagging!”
Interestingly, their letter signifies that the two leaders are adamant about streamlining and simplifying the management structure of Google and Alphabet. The letter further confirmed that the two firms do not need two CEOs and a President and so now Sundar Pichai will work as the CEO of Google and Alphabet simultaneously. “He will be the executive responsible and accountable for leading Google, and managing Alphabet’s investment in our portfolio of Other Bets,” stated the letter.
Larry Page and Sergey Brin will mark their presence in Google and the Alphabet’s core team as board members, shareholders, and co-founders. The two ex-leaders will be in constant contact with Sundar Pichai in the long run.
In a letter to the employees, Sundar Pichai affirmed the Google employees about the process being a usual business activity. He wrote that “I want to be clear that this transition won’t affect the Alphabet structure or the work we do day to day. I will continue to be very focused on Google and the deep work we’re doing to push the boundaries of computing and build a more helpful Google for everyone.”