Bitcoin News – Bitcoin adaptation will be harmful as the Chinese government-backed
October 17, 2017 11:09 am
Bitcoin News – China banned the Cryptocurrencies and Instead of Cryptocurrencies china wants to launch state-issued digital currencies a workshop which was conducted by Chinese Academy of Social Sciences describes everything.
The First Workshop of Standards for Digital Fiat Currency for the Universal Finance Access was conducted by The International Telecommunication Union and the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, on October 12 in Beijing.
The organizers of the workshop had invited the professionals, officers, and entrepreneurs from all over the world more than 40 countries to discuss regarding the future of the Digital Currency. The topic of workshop added the topic about the issues which are exists in digital currency. The Chinese Scholars ignored recognizing the worth of public Cryptocurrency such as Bitcoin but they had shown their interest towards the idea of State-Issued Digital Currency.
The Director of the Digital Currency Research Institute of the People’s Bank of China, Yao Qian is the representative of the Chinese scholars. In his speech, He described the importance of the state’s support of digital currency and asked the value of Bitcoin. He Trusts that a public cryptocurrency such as Bitcoin problems inherent values, which could make it unreliable.
He said :
“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”.
Few scholars trust that by supplying the state-owned digital currency, countries could modify the domestic fiat currency and keep the countries financial status safe. Among Yao Qian, Bilel Jamoussi (Officer of ITU), Njuguna Ndung’u ( former Governor of the Central Bank of Kenya) and Muhammad Arif Sargana (Director at Pakistan Telecommunication Authority) all delivered their speeches.
Few months ago, The Chinese government has been so harsh toward Cryptocurrency. The chinese government was not liking neither using Cryptocurrency. Temporarily the Bitcoin’s value started decreasing down and down once when the Chinese government shut down the ICOs. Currently the Chinese government organized a discussion regarding the possibility of the state-issued digital currency, China is planning to provide its own Cryptocurrency.