BitMEX CEO warns against the Chinese digital currency

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.