- The former VP of the People’s Bank of China praises Bitcoin for its commercial success
- Wu Xiaoling points out the areas where Bitcoin is facing challenges
- Bitcoin is the most successful commercial application of blockchain
Bitcoin News Today – Bitcoin has achieved quite a lot since its emergence, and the use cases and adoption of the digital currency are on the rise. Recently, a former Chinese central bank executive pointed out some of the benefits of the Bitcoin network. She also highlighted some of the challenges it is encountering today.
Wu Xiaoling Praises the Commercial Success of Bitcoin
Wu Xiaoling – the former vice president of the People’s Bank of China – recently praised Bitcoin for the “commercial success” it has achieved over the years. She was pretty bullish on the digital currency regardless of the series of weaknesses that need to be addressed. According to Sina – a local Chinese outlet – the former VP highlighted in the preface of the book – “Talking to Top Cadres about Digital Currencies” – that Bitcoin is the most successful commercial application of blockchain so far.
She also said that no other blockchain-based project had achieved the commercial success that the Bitcoin network has achieved. Nevertheless, she said:
“Bitcoin is the most successful commercial application of blockchain technology. Bitcoin, as a private currency, has its market base, but it is also limited to the private currency field.”
The Former Chinese Bank Exec. Points out Some of the Weaknesses of Bitcoin
Wu Xiaoling also took out time to point out some of the weaknesses that she believes the BTC network is encountering nowadays. She said:
“Today, with the existence of a sovereign state, it cannot replace the fiat currency issued by the state. Bitcoin, even as a private currency, has fatal weaknesses because the currency itself must have a specific stable value, but the value of Bitcoin fluctuates greatly.”
Nevertheless, she is optimistic about the adoption of digital currencies all over the world in the future. She added that digital currency would continually be integrated into social behavior, and she believes people will have an objective and prudent understanding of it.
According to Cointelegraph, the Chinese communist party recently released a book that aims to educate party members on blockchain-based finance concepts. According to the report, the boost begins with the origin and history of fiat currency. The book also highlighted some of the downsides of the present credit currency system. Those sections now connected to the section on the digital currency movement, and the emergence of Bitcoin (BTC) – the world’s largest digital currency by market cap.
Bitcoin is still trapped below the $10k mark, but it is trading well over the $9,500 support level. The major hurdle for the digital currency is the $10,000 mark and it needs to break over that level to start a new phase of the rally.