September 19, 2021

Ex-head of the Central Bank of China is confident in the prospects for the development of bitcoin

Ex-head of the Central Bank of China is confident in the prospects for the development of bitcoin

According to the former vice president of the People’s Bank of China, Wu Xiaolin, bitcoin showed very good results. No other blockchain project can boast of such achievements. In fact, we are talking about the giant "commercial success" of BTC.

Wu Xiaolin stressed:

“Bitcoin is the most successful commercial application of blockchain technology.

This asset is able to replace the fiat currency of any state. However, the coin has one drawback, it is excessively volatile, which creates additional risks for the financial sector. ”

Nevertheless, even despite such a weak side of cryptocurrency, the former deputy head of the Central Bank of China is optimistic about the future prospects of this asset.

In the coming years, we will see how the cryptosphere will expand rapidly. In parallel, the scale of the use of digital currency as a payment instrument will increase, summed Xiaolin.

Note that the People's Bank of China is preparing to launch its own cryptocurrency. The regulator expects to use it as a counterweight not only to the US currency, but even to bitcoin.

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