Lubin Hopes Ethereum to Work with CBDC

Joseph Lubin, founder of Consensys and Ethereum co-founder, wishes for interoperability with China’s Central Bank Digital Currency (CBDC). This is for public permissionless blockchains, including Ethereum.

In an interview on November 9, Lubin stated that it would be precisely what Chinese leadership thinks is most beneficial to the Chinese leadership. He also expressed how he wanted it to be open, and he hopes they could interoperate with it. Moreover, Lubin wants to see more participation from China in the Ethereum ecosystem. He mentioned the case of the Belt and Road blockchain-based commerce platform.

Above all, he noted that it uses one of the weaker technologies than to the public blockchains like Ethereum, saying he is willing to help China be an expert in the technology of Ethereum

Lubin explained, “The main idea is that Ethereum is the strongest of the blockchain technologies. It’s a very positive virus to implant in people’s minds.”

Aside from that, the Ethereum co-founder expects that China will further undermine the U.S. dollar’s status as the world reserve currency. On the other hand, he also sees China’s CBDC having a slight impact in this regard. Now, Russia and China are making efforts to do business without the use of U.S. dollars.

Lubin indicated that there are many reasons why American influence is shrinking, and it might continue to shrink, noting it might be a bad thing in some ways.

Bitcoin Price Movement

Meanwhile, the Bitcoin (BTC) price was $9,300 the previous week. Moreover, that is $200 higher than it is now. On Friday, the Bitcoin price slipped from $9,265 and closed at $8,804.88.

In the previous week, a lot of traders wanted a fill for $8,885. Even though this is becoming a usual thing, Peter Schiff, a famous Bitcoin hater, tweeter about the Bitcoin price.

“It looks like the #Bitcoin pump is finally over. Get ready for the dump,” Schiff posted.