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The former CEO of the Central Bank of China praised Bitcoin’s “business success”

June 6, 2020

Former Vice President of the People’s Bank of China (PBoC), Wu Xiaoling, praised what she calls “commercial success” for Bitcoin (BTC)., on June 5th these friendly words appear despite a number of vital weaknesses that still need to be addressed.

According to the Chinese local media company Sina, Wu explained in the preface to the book “Talk about the most important framework conditions for digital currencies” that cryptocurrency is the most successful commercial application of blockchain to date.

The former PBoC manager also stressed that no other blockchain project had achieved the commercial success of the Bitcoin network..

The former CEO of the Central Bank of China praised Bitcoin’s “business success”The former CEO of the Central Bank of China praised Bitcoin’s “business success”

However, Wu commented:

“Bitcoin is the most successful commercial application of blockchain technology. Bitcoin as a private currency has its market base, but is also limited to this area.”

Bitcoin weaknesses

The former central bank executive has resolved some of the weaknesses that she believes Bitcoin is facing today::

“The existence of a sovereign state cannot replace the state-issued fiat currency today. Bitcoin has fatal weaknesses even as a private currency, since the currency itself must have a certain stable value, but the value of Bitcoin fluctuates a lot.”

However, Wu is optimistic about the future of the introduction of digital currencies across the country and affirms that cryptocurrencies are “increasingly” being integrated into social behavior and that people must have a prudent and objective understanding of it. .

New Communist Party book on blockchain issues

Recently, The Chinese Communist Party published a book to inform party members about blockchain-based financial concepts, among other things.

As Cointelegraph reported on May 20, The book begins with the history and origins of the fiat currency and then provides an overview of the disadvantages of the current credit currency system. Then a section is created about the movement of cryptocurrencies and the birth of Bitcoin.

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