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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

How Ethereum Could Power A CBDC, According To A Chinese Goverment Official

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Ethereum ETH ETHUSD

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Yao Qian, a member of The China Securities Regulatory Commission, presented a case where a possible Digital U.S. dollar and the Digital Yuan run on top of Ethereum’s network. The government official spoke on The International Financial Forum (IFF) 2021 in Beijing on May 30th.

The summit had the objective of discussing the post-pandemic world and China’s potential for international partnerships. Qian was part of the forum called “Digital Currency and the Future Digital Transformation”.

During this event, the government official said that digital assets and central bank digital currencies (CBDC) should go beyond the traditional concept of money and leverage the advantages brought by innovation in the crypto industry. Qian said: “The future of digital currency will certainly move towards smart money”.

Despite this statement, the government official revealed that there are concerns about the integration of a CBDC with smart contracts features. Qian was part of China’s central bank’s digital currency research and development, an initiative responsible for the development of its Digital Yuan. Qian said:

The CBDC is meant to act only as a payment method, but Qian made emphasis on the possibilities for citizens to benefit from new technologies. This could allow money to be taken one step forward. Qian said:

We can imagine that if the digital dollar and the digital yen were running directly in blockchain networks such as Ethereum and Diem, central banks could use their BaaS services to provide central bank digital currencies directly to users without the need for intermediaries. Single-tier operations can enable central bank digital currencies to better benefit people without bank accounts and achieve financial inclusion.

However, some people inside the government still believe that the technology that powers cryptocurrencies and smart contracts needs to mature.

It Is Possible For A CBDC To Operate On Ethereum?

However, Qian’s comments were personal and not representative of the Chinese regulator. The report was shared by Wu Blockchain, and he referred to Qian as the equivalent of the U.S. Securities and Exchange Commission Hester “Crypto Mom” Pierce.

Yao Qian is the only official in China’s financial regulators who has in-depth research on cryptocurrencies and has a friendly attitude (…).

When asked to specify if Qian was referring to Ethereum’s source code to create a China manage network for its digital Yuan or the cryptocurrency’s mainnet, Wu said that the government official was talking about the latter.

Even as an academic project, Wu said that many users believe that the gas fees would make a CBDC on Ethereum a non-viable option.

He means on eth mainnet, but people think it is impossible to carry such a large transaction volume, think about the 200,000 gwei?

At the time of writing, ETH trades at $2,613 after seeing high selling pressure during the weekend. While the daily and weekly charts are in profit, higher timeframes still record moderate losses.

Ethereum ETH ETHUSD
ETH on an upward trend in the daily chart Source: ETHUSD Tradingview

Research firm Jarvis Labs indicated that ETH price experienced “sell-offs” on every attempt to reclaimed previous highs, as seen below.

Ethereum ETH ETHUSD
Source: Jarvis Labs
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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