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Author Topic: [2017-10-13] PBoC Director Calls for Centralized State Cryptocurrency  (Read 111 times)
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October 13, 2017, 01:06:33 AM

How silly. Why then does it have to be a cryptocurrency if it is centralized? They could start a Chinese Paypal, owned by the government, and use the banks as gateways to access that network.

I reckon the PBOC really does not know anything about bitcoin and cryptocoins at all.

At a meeting hosted by the International Telecommunication Union this week, Yao Qian, the Director of the Digital Currency Research Institute under the People's Bank of China, reportedly boasted about the potential of a state-owned digital currency, while suggesting that there is an inherent lack of value anchoring public cryptocurrencies like bitcoin.

According to a report by Yicai, Qian also framed a state-issued digital currency as a way to stabilize domestic fiat currency, while better securing country's financial status.

Although the publication made clear Yao's comments reflected his own opinions, the remarks nonetheless reveal how the country may choose to direct the future development of digital currency.

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October 14, 2017, 11:47:05 AM

Yes it is very curious indeed the position of China in regulate the crypto-currencies, creating a state digital currency. It sounds also a bit "fascist", not allowing other currencies, but supporting and creating there regulated currency. Beside China don´t recognize Bitcoin as a legal coin, the country has an very clear picture that there could be an alternative for it, if it would be created and regulated by the chinese goverment.

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