WTF?!? China's Position Towards Cryptos Implies The Renunciation Of Fiat Currencies (Need Help To Make Sense Of This!)

doodlebear (-3) in news • 7 years ago (edited)

In an article by the Coin Telegraph about a crypto conference organized by the Chinese government, there is a very telling quote the by digital currency expert Yao Quin who's working for a research institute of the Chinese central bank. He said (parenthesis added by me):

"The value of a cryptocurrency like Bitcoin primarily comes from the speculation of the market. It will be a disaster if countries recognize Bitcoin as a real currency. The lack of a value anchoring inherently determines that Bitcoin can never be a real currency."

This is of course just an opinion, although it comes from a very influential person within the Chinese monetary planing hierarchy. I seriously doubt that someone of Yao's weight would say something with that much weight in such a blunt way.

In case you didn't understand what this guy said, let me translate:

"The value of a fiat currency like the US Dollar primarily comes from the speculation of the market. It will be a disaster if countries recognize the US Dollar or any other fiat currency as a real currency. The lack of a value anchoring inherently determines that the US Dollar can never be a real currency."

BOOOOM!

That's big time and I don't believe they allow a member of the monetary establishment to state something that bluntly. Unless of course, there is something bigger going on..

My Question: Do You Know Other Quotes From Chinese Officials That Go Into The Same Direction? Please Leave A Comment. Thanks!!

news china money cryptocurrencies bitcoin

7 years ago by doodlebear (-3)

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minnowpond1 (48) · 7 years ago

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boomerang (56) · 7 years ago

This post has received a 19.78 % upvote from @boomerang thanks to: @doodlebear

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shadowtrader (25) · 7 years ago

It seems that China is forced into a 'one voice' as its major modus operandi.

Finding anyone who places contriving statements in such a locked down area whose policy is to speak from one voice, not billions-seems difficult

On the other hand any dissident posters from china etc are seen a brave visionaries despite going against their country and its stances.

Unfortunately thc china firewall is immense and not everyone knows how to bypass.

This official statement is left to be seen by most.

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