Former Vice President Of PBOC Praises Bitcoin For Its Commercial Success

Jyoti  |  Jun 6, 2020

Although the former vice president of the People’s Bank of China (PBOC), Wu Xiaoling, knew that Bitcoin has many critical weaknesses, she still praised on June 05, for its commercial success.

Sina which is a local Chinese outlet, recently in its report stated that Wu wrote a book called ‘Talking To Top Cadres About Digital Currencies’ and in the preface of the book, she mentioned that till date, the most successful application of blockchain is cryptocurrency.

Bitcoin Is Blockchain’s Successful Network

Wu also claimed that apart from the Bitcoin network, no other projects related to blockchain have received the commercial success.

The former executive of PBOC further mentioned that although Bitcoin has its own market base, still when it comes to private currency field, BTC is available in a limited amount.

Wu also knew that Bitcoin has some fatal weaknesses too and while talking about it, she said, “Today, with the existence of a sovereign state, it cannot replace the fiat currency issued by the state”.

While further discussing the fatal weakness of Bitcoin, she said that as a private currency the Bitcoin should have a stable value but it does not have that. Instead, most of the time people have noticed that its value fluctuates greatly.

Bitcoin Will Be Integrated Into Social Behaviour Soon

The former vice president of PBOC has also mentioned that she is very optimistic regarding the adoption of digital currency around the world, in the future. Wu claimed that soon the digital currencies would become part of social behaviour to a greater extent and regarding it, one should have a careful and objective understanding.

A few days ago, a book has been released by the Chinese communist party to inform its party members about the concept of finance that has been powered by blockchain.

A report published on May 20, explained that in the first few chapters the book discusses the history and origin of fiat currency. As the book proceeds further it provides an overview of the current credit currency system’s drawback. And later, it further discusses the crypto movement, how it was invented and all.

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