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Co-founder of Ethereum: Hopefully we will communicate with the cryptography of China

Ethereum co-founder and Consensys founder, Joseph Lubin, said he hoped that China's Central Bank Digital Currency (CBDC) will permit interoperability with public blockchains, like Ethereum, without authorization.

Lubin explained: “I assume it is going to be exactly what Chinese leadership thinks is most beneficial to Chinese leadership. Hopefully that’s also open and we can interoperate with it, but I don’t know.”

In fact, Lubin said that he would like more participation from China in the development of the Ethereum. He cited the example of a trading platform based on the Belt and Road network, adding that it uses one of the "weaker platforms" compared to public blockchains like Ethereum. He said the following: “I would love to help China get expert in Ethereum technology. [...] The main idea is that Ethereum is the strongest of the blockchain technologies and it’s a very positive virus to implant in people’s minds.”

[Image: Ethereum.jpg]

Lubin also noted that he expects China to continue to undermine the position of the U.S. dollar as the reserve currency of the world. But he also assumes that in this respect, China's CBCD will have only a minor impact. He found out that Russia and China were making efforts without using the U.S. currency to conduct business and concluded: “There are lots of reasons why American influence is shrinking and will probably continue to shrink. That may not be a bad thing but in some ways, it’ll be a bad thing. China’s particular cryptocurrency I don’t think is a major factor.”

Lubin also discussed the ability of China to block access to its own rival digital currencies, including Ether (ETH). He explained that the ability of the government to obstruct access to Ethereum in China depends on progress in deep packet inspection and the nation's reward for that cause.

In the end, he admits that the Chinese government “can do it if it wants to.” Nonetheless, new technologies such as wireless satellite-blockchain or mesh networking could be a means of circumventing censorship.

When questioned whether he believed the introduction of China's CBDC could weaken the advantages of blockchain or the openness of blockchain misuse to monitor and control the transactions of every person, Lubin said: “China is a business that writes its own rules and has an enormous customer base — 1.4 billion people. That’s a tough economic force to compete with. I do think there’s an instability. I think leaders are constantly terrified of revolution, so they have to keep the people relatively happy at some baseline level.”
Great news. I love hearing good news on Crypto. China is a huge crypto community.

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