{"id":191837,"date":"2021-05-31T17:00:56","date_gmt":"2021-05-31T16:00:56","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=191837"},"modified":"2021-05-31T15:35:10","modified_gmt":"2021-05-31T14:35:10","slug":"billionaire-ray-dalio-says-chinese-digital-yuan-could-compete-with-bitcoin","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/billionaire-ray-dalio-says-chinese-digital-yuan-could-compete-with-bitcoin\/","title":{"rendered":"Billionaire Ray Dalio says Chinese \u2018digital\u2019 yuan could compete with Bitcoin"},"content":{"rendered":"

Bridgewater Associates founder and CEO Ray Dalio says Bitcoin<\/a> can see traction in the years to come, but that the digital version of Yuan, China\u2019s national fiat currency, could \u2018compete\u2019 with it.<\/span><\/p>\n

“I think you are going to see the renminbi become a more significant, a strong currency, stable currency, more attractive-returning currency, and also a more widely used currency in the years ahead,” Dalio said during an interview with business news outlet <\/span>CNBC<\/span><\/i><\/a>.<\/span><\/p>\n

Digital yuan, the world\u2019s reserve<\/b><\/h2>\n

China\u2019s central bank digital currency (CBDC<\/a>), the DCEP (short for Digital Currency, Electronic Payment), is the forerunner among state-backed digital currencies and is expected to be launched before the Winter Olympics in Beijing next year.<\/span><\/p>\n

The country has extensively tested the protocol over the past three years, in terms of both legality and technological prowess, and rolled out the DCEP in limited testing last year. Millions of dollars worth of transactions reportedly occurred within the first month of testing alone.<\/span><\/p>\n

In related comments, Dalio said the rise of the digital yuan would make it \u201cmore competitive\u201d than a potential digital dollar, one that US officials are currently said to be exploring the launch of.<\/span><\/p>\n

“[It is] a very viable alternative to many investors if it is accepted internationally and comes with attractive interest rates,\u201d Dalio said, adding that people would soon be thinking of currencies \u201cthat have the best fundamentals will be the ones that will be most competitive and that'll be threatening to countries.\u201d<\/span><\/p>\n

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Digital yuan will be a 'viable alternative' for many investors, said @RayDalio<\/a>, co-chairman and co-cio of Bridgewater Associates, as he explained how the digital yuan may compete with bitcoin. pic.twitter.com\/ZIB5vcEb8n<\/a><\/p>\n

— CNBC International (@CNBCi) May 31, 2021<\/a><\/p><\/blockquote>\n