Joseph Lubin, Consensys founder who also co-founded Ethereum, told Forbes that he hopes the Chinese government would allow public permissionless Blockchains such as Ethereum to interoperate with its upcoming CBDC (central bank digital currency).
In the interview, Lubin emphasized that the Chinese government is looking for something that could serve the country’s best interests. As one of the strongest Blockchains in the industry, Lubin feels confident that Ethereum can easily fit in the picture.
Lubin went on and shared with Forbes that the Ethereum network would like to welcome more Chinese participants in its ecosystem. He specified the country’s controversial Belt and Road initiative currently relies on weaker technologies compared to what Ethereum can offer.
The Ethereum network, as touted by Lubin, is a kind of positive virus that he would love to implant people’s minds. Once China allow its CBDC to be interoperable with other Blockchains, Lubin said that he would help the country get acquainted with Ethereum technology until they become an expert.
Notably, industry analysts believe that China’s CBDC has the power to undermine the dominance of the US dollar in the global financial industry. However, Lubin thinks that its impact would just be minor since other major nations such as Russia are now conducting domestic and international business without relying on the world’s reserve currency.
Furthermore, Lubin noted that China could do anything to ensure the success of its CBDC if it wants to, such as censoring other digital currencies that pose threats to its own. However, the country’s effort would depend on the level of its motivation to get ahead of the competition as well as on the progress of its deep packet inspection.
Forbes also asked Lubin’s opinion about the future implementation of China’s national digital currency. Would the government take advantage of the transparency brought by Blockchain to control the transactions of its citizens? Lubin answered that China is an independent nation that makes its own rules. However, with a customer base of 1.4 billion people, he emphasized that the government constantly fears a revolution. To avoid instability, Lubin noted that China would do anything to keep its people happy without compromising the government’s power and influence over them.