On December 16, Li Lihui, former President of the Bank of China and Director of the Blockchain Working Group of the China Internet Finance Association, accepted an exclusive interview with Ifeng Finance at the first Qiantang River Forum. He said that “the bitcoin bubble has been big enough that it simply does not worth the present price. If relevant regulation is missing, “Tulip Mania” may happen again.” He also stated that the 4 conditions must be met for the issuance of CBDC (Central bank-issued digital currency). Bitcoin is only a small fraction of blockchain applications. Big Data, AI and Blockchain technology are building the brand-new financial service model. He believed that there would be two directions for blockchain development. One is the traditional blockchain, aka public blockchain, which is characterized by decentralization. The second direction is to entertain large-scale and complicated trading, which requires multiple center or distributed entities. As for the blockchain technology of bitcoin, Li believes the technology should be viewed separately:
“Bitcoin is the earliest application of blockchain technology, but only a very small one.”
http://news.8btc.com/li-lihui-ifo-is-another-disguise-of-ico
