The previous vp of the Other people’s Financial institution of China, or PBoC, Wu Xiaoling, praised what she calls a “business luck” for Bitcoin (BTC) on June 5. Those type phrases come in spite of a lot of important weaknesses left to handle.
According to local Chinese outlet, Sina, Wu stated in the preface of the book —
“Talking to Top Cadres about Digital Currencies” — that the cryptocurrency is the most successful commercial application of blockchain so far.
However, Wu commented:
“Bitcoin is the most successful commercial application of blockchain technology. Bitcoin, as a private currency, has its market base, but it is also limited to the private currency field.”
Wu is optimistic about the future regarding digital currency adoption across the country. She stated that cryptos would “increasingly” be integrated into social behavior, and that people must have a prudent and objective understanding of it.
The former central bank’s executive clarified some of the weaknesses that she believes Bitcoin faces today:
“Today, with the existence of a sovereign state, it cannot replace the fiat currency issued by the state. Bitcoin, even as a private currency, has fatal weaknesses because the currency itself must have a specific stable value, but the value of Bitcoin fluctuates greatly.