BitMEX CEO warns against the Chinese digital currency

Trump 7

Arthur Hayes, CEO of BitMEX, warns against the Chinese digital currency by labeling it as a government attempt at controlling the Chinese digital financial ecosystem.

China’s Central Bank is expected to launch its digital currency now dubbed as “China Coin” in the next few months. Moreover, it is predicted that it will be offered to various fintech companies in the country, including Tencent, Alibaba, and UniPay.

It is predicted that the Chinese Central Bank would launch this cryptocurrency in November when the biggest shopping day of the country takes place. On this day, the companies allowed to use it will enable consumers across China to access these coins.

Moreover, if things proceed smoothly, the entire globe will soon be able to utilize the China Coin. Reportedly, the China Coin will be available to foreign consumers through various international banks.

This move was foreseen by BitMEX CEO Arthur Hayes back in April this year. Arthur had stated that the government would soon replace fiat currency with central bank digital currency. In fact, he warned people against these central bank currencies by saying that the state would use them to monitor people.

He stated that these digital currencies would be used by the government to restrict and control the activity of Chinese citizens. Moreover, it would arm the government with enough power to remove any individual not abiding by the law from the financial system.

Hayes predicted that once people realize what terrifying power the government holds in it, they will turn towards Bitcoin instead. This would lead to further adoption of the globe’s leading cryptocurrency.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

Related News

Hot Stories

Dogecoin price analysis: DOGE/USD set to break above $0.1 soon?
Seth Green loses his 4 NFTs in a Phishing scam; begs not to buy them.
Do Kwon moves on LUNA`s revival plan despite 90% rejection votes
MiamiCoin and NewYorkCoin plummet over 85% despite Mayoral endorsements
Recession talks surge, Elon Musk predicts one lasting up to 18 months as crypto tanks

Follow Us

Industry News

TFL's legal team has left the company amid the LUNA crisis
Do Kwon moves on LUNA`s revival plan despite 90% rejection votes
Japan's banking giant Nomura set to launch crypto division
Leading Korean law firm to sue Do Kwon amid UST and LUNA ordeal
Recession talks surge, Elon Musk predicts one lasting up to 18 months as crypto tanks