Wu Xiaoling, the former Vice President of the People’s Bank of China (PBoC), has recently come out to praise Bitcoin, of all things, for its “commercial success.” This statement, coming on the 5th of June, occurred in spite of the fact that Bitcoin has a few key weaknesses to address, as well.
Wu: BTC Is Successful, But Not Compatible With A Country
Sina, a local Chinese news outlet, stated that Wu explained that cryptocurrency stands as the most successful commercial application of blockchain networks so far. This comes from a preface of a book, aptly titled “Talking to Top Cadres about Digital Currencies.”
The former executive of the PboC also put stress on the fact that no other blockchain-related project had managed to achieve the levels of commercial success that the Bitcoin Network had achieved through the years. However, Wu was quick to state the perceived shortcomings of the Bitcoin network, as well: The fact that it’s a private currency. Due to this, Wu noted that Bitcoin can only be limited in the private currency field, and cannot replace state-issued fiat currency.
Holding Out Hopes For Blockchain Technology
In a quote, she explained that the nature of a sovereign state itself stops it from accepting Bitcoin as a fiat, citing the age-old problem of Bitcoin’s price volatility. Wu explained that a sovereign currency needs a specific, stable value, one that Bitcoin simply cannot offer.
Even so, Wu expressed her optimism about blockchain technology as a whole, painting out a future where digital currencies are adopted all across China. She warned that cryptocurrencies are being steadily integrated into social behavior. Thus, she urged China’s people that they must be objective and prudent in the act of understanding its uses.
It’s All Coming Together
In recent times, the Chinese Communist Party published a book, one designed to educate its party members on the concepts of blockchain-powered financing. This stands as one of its Industry 4.0 technology topics.
All of these measures come as China is slowly working on full integration of its DC/EP network, the first state-issued cryptocurrency of its kind, excluding the dubious Petro coin. It seems that China is hard at work to try and have the public perception of a so-called “good” cryptocurrency be something that they will be able to accept gleefully.
Make no mistake: The Dragon is gearing up to release its digital Yuan to the world at large. With China being the superpower that it is, it will have a definitive impact on the world at large. It’s just a question of what that impact will mean for the world, as well.