Wu Xiaoling is of the opinion that Bitcoin has been so beneficial despite having some weaknesses.
According to Wu Xiaoling, the former vice president of the People’s Bank of China (PBoC), Bitcoin has attained what she calls “commercial success.” She said this on June 5 while she was asked to talk generally about the cryptocurrency.
Wu has a book titled “Talking to Top Cadres about Digital Currencies.” In this book, she praised the Bitcoin as the most trending tool in blockchain’s commerce.
She further stressed that Bitcoin is ahead of other blockchain projects in achieving commercial success.
But she had something else to add to that:
“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.”
What’s not so good about Bitcoin?
In addressing what’s not so good about Bitcoins, 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.”
Notwithstanding, Wu still believes that all will be fine especially if people seek to understand the cryptocurrency well. She is optimistic that Bitcoin will become a way of life of people someday.
A book for communists in China
Not long ago, the communist party in China published a book which was specifically meant to teach its members about financial matters that are driven by blockchain technology.
The book contains topics that deal on how fiat currencies emerged, the demerits of the financial system today, how the crypto movement started and the origin of Bitcoin.