Former China Central Bank Exec praised Bitcoin's "Commercial Success"


The former vice president of the People's Bank of China, or PBoC, Wu Xiaoling, praised what she called Japan's commercial success with Bitcoin (BTC) on June 5.

According to China's local store, Sina, Wu said in the book's preface - Talking to top officials about digital currencies - that cryptocurrencies are the most successful commercial application of blockchain so far.

The former director of the PBoC, also emphasized that no other blockchain-related projects have achieved the commercial success of the Bitcoin network.

However, Wu commented:

Bitcoin Bitcoin is the most successful commercial application of blockchain technology. Bitcoin, as a separate currency, has a market base, but it is also limited to the private money sector.

Weakness Bitcoin Bitcoin
The former chief executive of the central bank, clarified some of the weaknesses she believes Bitcoin faces today:

Today, with the existence of a sovereign state, it cannot replace the state-issued fiat currency. Bitcoin, even as a separate currency, has fatal weaknesses because the currency itself must have specific stability values, but the value of Bitcoin fluctuates greatly.

However, Wu is optimistic about the future regarding the adoption of digital currencies across the country. She stated that cryptocurrencies will increasingly be integrated into social behavior and that everyone must have a careful and objective understanding of it.

Communist Party New book on blockchain-related topics
Recently, the Chinese Communist Party published a book designed to educate party members about blockchain-based financial concepts, among other 4.0 technology topics.

As Cointelegraph reported on May 20, the book started with the history and origin of fiat currencies, and then it provided an overview of the drawbacks of the current credit currency system. . Later, it led to a section on the cryptocurrency movement and the advent of Bitcoin.



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