PBOC Ex-Deputy says Bitcoin & fiat can co-exist in China
Speaking at the Sanya Forum international finance event, Wu Xiaoling, former deputy director of the People’s Bank of China, made what’s possibly the most positive remarks regarding the state of digital currency in China from an official so far – she said he believes digital money can co-exist with government-issued money.
In her speech, she explained that digital currency can be divided into electronic money, which is the digital representation of legal money, and virtual currency, which is a form of digital currency that is distributed to a certain community or private group and is mined using an algorithm. She goes on to add that private monetary digital form can co-exist with legal electronic money.
Wu Xiaoling’s remarks are quite a surprise for China has been extremely negative about Bitcoin up until now. Earlier this year BTC China, at one time the world’s largest Bitcoin exchange market by trading volume, was prevented from taking cash deposits from the People’s Bank of China. Many believe the decentralized nature of Bitcoin makes China’s government wary of it, as it has no way of controlling it.
BTC China CEO Bobby Lee was elated by Wu Xiaoling’s statement, and said it’s encouraging to see government officials finally understanding Bitcoin.
“We are very optimistic about Wu Xiaoling’s published statement, and regard it as a positive signal for the Bitcoin outlook in China. Based on her comments, the PBOC has a sophisticated understanding of Bitcoin, and recognizes the power and potential of block chain technology,” Lee stated.
Aside from this positive statement, Wu Xiaoling’s speech also tackled how Bitcoin’s technology, specifically the Blockchain, can be used as a practical, cost-effective approach for cross-border financial transactions.
Lee echoes Wu Xiaoling’s positive outlook on the Blockchain’s use. “Blockchain technology has the potential to create new industries and also reshape existing industries,” he said. “Policymakers who understand that want to capture as much of the market as possible, and the wealth, jobs and skills that come with it. While challenges remain, I think this bodes well for our industry.”
photo credit: btckeychain via photopin cc
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