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Author Topic: A deputy director of People's Bank of China says bitcoin is a kind of nongovernm  (Read 960 times)
michaelzhang
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March 29, 2014, 05:24:04 PM
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In the 2014 Spring Summit of China Internet Finance Conference, a deputy director of People's Bank of China deliverd a speech about internet finance and mentioned bitcoin.
He says:” Now, the currency is fiat currency, sovereign currency. Is bitcoin a kind of currency? Yes, it is, but it’s not a fiat currency, it is a kind of electronic commodity currency, it’s a kind of currency embraced by economist Hayek, it has features like gold payment, etc.. Bitcoin breaks through the concept of sovereignty. If the Fed one day says bitcoin can be exchanged into USD, it will certainly become popular all over the world, but now only few central banks recognize it. Generally speaking, countries do not affirm its legitimacy as a sovereign currency, but people’s willingness to accept bitcoin is another matter. So you can understand bitcoin as a kind of nongovernmental currency, so it is a currency, but it is not a fiat currency. This is a breakthrough of the concept of sovereignty currency”.

Original link: http://www.bit-sky.com/index.php/english/663-nongovernmental-currency

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cbeast
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March 29, 2014, 06:10:22 PM
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It's funny that he called out the FED to hypothetically embrace Bitcoin. It's almost like he's daring Chinese officials to take the initiative.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
bitbouillion
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March 29, 2014, 08:03:27 PM
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fiat = "let it be" ... by the power of states

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March 29, 2014, 09:25:12 PM
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It's funny that he called out the FED to hypothetically embrace Bitcoin. It's almost like he's daring Chinese officials to take the initiative.

I don't think they embrace Bitcoin.

He say Bitcoin is not fiat and non government-backed currency. Well this information is too obvious, we don't need he teach us about nature of Bitcoin. Basically his word offer zero information.  
Leogheo
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March 30, 2014, 01:13:56 PM
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I totally agree with the a deputy director's of People's Bank of China words!
Indeed Bitcoin is nongovernment currency, it is currency not property!
And, of course, if the government allow to change it USD that would be fatal to fiat currency
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