The people’s Bank of China is studying the issue of national cryptocurrencies to ensure the reliability of the yuan, writes the online news site Yicai.

“The public nature of digital currencies is the duty of the state to society. They are provided with the reliability of the state”, – said the Director of the Institute for the study of digital currencies under the administration of the people’s Bank of China, Yao Qian.

In his opinion, the state of digital currency have tangible economic value and help to stabilize the position of the Fiat currencies in the market, at the same time strengthening the financial status of the country.

In contrast to the centralized bitcoin he set the bitcoin, which, in his opinion, does not have sufficient intrinsic value.

“The value of cryptocurrencies, such as bitcoin, primarily driven by market speculation. The recognition of such cryptocurrencies as real currency would be a disaster. And the lack of intrinsic value means that bitcoin will never become a real currency,” said Qian.

Research Institute of digital currencies was formed by the people’s Bank of China in June this year and is engaged in research in the field of digital currencies on the blockchain. The Minister Yao Qian previously held the position of Deputy Director for technology of the people’s Bank of China.

Recall that all crypto exchange site, registered in Beijing had to cease trading operations until mid-September.

See also: Bank of England takes the privacy of customers on the blockchain

The Chinese authorities think about the issuance of national cryptocurrencies 13.10.2017

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