Ethereum co-founder Joseph Lubin: I hope that the public chain such as Ethereum can interact with the central bank's digital currency

According to Cointelegraph, on November 11th, Joseph Lubin, co-founder of Ethereum and founder of Consensys, said he hopes the Chinese central bank's digital currency (CBDC) will interact with the public chain such as Ethereum.

MoneyConf 2018 - Day One (Source: flickr )

The influence of the United States in the world is weakening

In an interview with Forbes magazine on November 9, Lubin said:

I believe that China's massive promotion of blockchain technology is most beneficial to China. I hope it is also open so that we can interact with it, but I am too sure if this idea will actually happen.

In addition, Lubin added that he hopes to see the Chinese community more involved in the Ethereum ecosystem. Taking the “One Belt, One Road” blockchain commercial platform as an example, he pointed out that the platform uses a “weaker blockchain technology” compared with the public chain such as Ethereum. He says:

I am happy to help China become an expert in Ethereum technology. I think Ethereum is the strongest blockchain technology, it is like a positive virus, it is easy for people to remember it.

Lubin also said that he expects China will continue to weaken the status of the US dollar as the world's reserve currency. China’s central bank’s digital currency has had little impact on this. In addition, Russia and China are working to do business without relying on the dollar. He says:

The influence of the United States in the world is weakening and may continue to weaken. There are many reasons for this. This may not be a bad thing, but in some ways it is not a good thing. China’s cryptocurrency has little impact on this.

Stabilizing coins are valuable for the development of digital currency

When asked about China's dominance of cryptocurrency in a "reasonable fear," Lubin said that it is reasonable for China to do so. He believes that digital renminbi can be based directly on blockchain technology, or it can have some "password primitives" or blockchain attributes. He says:

The digital renminbi is coming, it does not need to run an extreme decentralization protocol, and may choose some degree of decentralization protocol for system redundancy or stability.

When asked if we needed to use stable currency, he said that stable currency is “absolutely” needed, especially when considering the volatility of the cryptocurrency sector. Lubin added that the existence of stable currency provides price stability, enabling people to price goods at a certain stable value on “cryptocurrency, blockchain platforms”:

The price fluctuations of Bitcoin, Ethereum and other cryptocurrencies are too volatile because their market capitalization is still small. Most of the stable currencies are based on Ethereum, which provide stable prices and are critical to the growth of the emerging digital economy.