Bitcoin Statement From Former Director of Central Bank of China

Bitcoin statement came from the former director of the Bank of China. Wu Xiaoling praised BTC by saying "commercial success" for Bitcoin. China Central Bank ex-manager Wu Xiaoling made a "commercial success" statement regarding Bitcoin on June 5th. According to the information from the local Chinese news source Sina, Wu stated that the cryptocurrency is the most successful commercial application of the blockchain so far in the preface of the book titled “Talking with the Best Squads About Digital Currencies”. Pointing out that no other blockchain-based projects have been able to achieve the commercial success of the Bitcoin network, the former manager said: “Bitcoin is the most successful application of blockchain technology. Bitcoin, a special currency, has a market base; however, it is limited to the special currency field. ”

Bitcoin Faces Some Problems

Wu explained some of weaknesses that he believes are facing Bitcoin today: “Today, with the presence of a sovereign state, it cannot replace the fiat currency issued by the state. Even as a special currency, bitcoin has fatal weaknesses. Because the currency needs to have a certain fixed value. However, the value of bitcoin fluctuates greatly. ” In contrast, Wu is optimistic about the adoption of the digital currency across the country. He pointed out that cryptos will be “increasingly integrated” into social life and that people should have a cautious and objective understanding.

The Communist Party's New Book on Blockchain

Recently, the Chinese Communist Party, among other "Industry 4.0" technology issues; published a book designed to educate party members on blockchain-powered finance concepts. The book begins with the history and origin of the fiat currency and then provides an overview of the negative aspects of the current credit money system. Next, the crypto money movement and the birth of Bitcoin are described.