Former official of the central bank of China has called Bitcoin the most successful commercial application of blockchain so far.
According to a June 5 report, Wu Xiaoling, the former deputy governor of the People’s Bank of China (PBoC) has stated in the preface of her book that Bitcoin is the most successful commercial application of blockchain technology. The title of the book is “Talking with Leading Cadres about Blockchain”.
According to the former central bank official, there is no other blockchain-related project that has achieved the kind of commercial success of the Bitcoin network. However, she also claimed that Bitcoin, being a private currency has its market base, but it is also limited to the private currency field.
Despite the commercial success, Xiaoling also believes that Bitcoin has a “fatal weakness” as a private currency. She further clarified some of the weaknesses that she believes the coin is facing today.
According to Xiaoling, the existence of a sovereign state today makes it difficult for Bitcoin to replace the fiat currency issued by the state. She also said that a currency must have a specific stable value; however, the value of Bitcoin fluctuates greatly.
Nonetheless, the former PBoC official is optimistic about the future of digital currency adoption in the country. According to her, cryptocurrencies would increasingly be integrated into social life, hence people must have an objective understanding of it.
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