Former Chinese central bank boss speaks out on Bitcoin

Former Chinese central bank boss speaks out on Bitcoin

A high ranking Chinese banking official has been speaking out on Bitcoin this weekend, according to local media. Comments were not all derogatory, despite the overall sentiment towards digital currencies from the autocratic regime.

According to local media outlet Sina, the former vice president of the People’s Bank of China, Wu Xiaoling, considers Bitcoin to be the most successful application of blockchain technology.

The former bank boss, and chair of the Wudaokou School of Finance at Tsinghua University, added that BTC could not replace sovereign currencies issued by the state.

Wu Xiaoling further noted that the cryptocurrency is limited to the “private currency field.”

She also pointed out that the digitization of currency must be rooted in the needs of transactions, investment, and financing, according to a translation of the article.

Xiaoling acknowledged the place that cryptocurrency will have in the future and that regulation is paramount to its successful integration into the economy.

A translated excerpt from the report reads:

“In the future, digital currency will increasingly be integrated into social behavior, and we must have a prudent and objective understanding of it.”

Moreover, China has accelerated its development and deployment of the crypto yuan as the COVID-19 pandemic continues to wreak havoc on global economies.

Featured image courtesy of Brett Sayles/Pexels

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