16 Dec 2014
Chinese official states Bitcoin can ‘co-exist’ with other currencies – CoinDesk
FXStreet (Barcelona) - The CoinDesk Analysis Team cite Chinese official, Wu Xiaoling’s comments that digital currencies like Bitcoin “could co-exist with fiat currencies”, further noting that this was the first time digital currency played a formal role in a high-profile Chinese event.
Key Quotes
“A former vice-governor of China's central bank, Wu Xiaoling, has said that digital currencies like bitcoin "could co-exist with fiat currencies"."
“Wu, who is currently a member of National People's Congress Standing Committee and a vice-chairperson of the Financial and Economic Affairs Committee, made her remarks as keynote speaker at the Sanya International Financial Forum, a mainstream event featuring political and business leaders.”
“It was the first time digital currency played a formal role at a high-profile Chinese event"
“The comments make Wu one of the highest-ranking Chinese officials to speak publicly about bitcoin, and likely the first to have discussed cryptocurrencies at length in such a setting.”
“In April, central bank governor Zhou Xiaochuan stated that the bank did not intend to 'ban' bitcoin."
“Digital currencies, while they could co-exist with other forms of money, fiat currencies remain a key factor in national sovereignty and would not be challenged by any private money system. Cryptocurrencies solve the trust issue, she added, but they miss a supply-demand mechanism that is required to meet economic demand and avoid price volatility.”
“Though Wu said digital currencies were unlikely to make effective daily currencies, she said they could function as financial products or assets and provide key technological benefits to users.”
“She said she foresees a future where multiple settlement protocols will co-exist, adding that using technology to build a decentralized value transfer network is an idea that deserves further consideration.”
Key Quotes
“A former vice-governor of China's central bank, Wu Xiaoling, has said that digital currencies like bitcoin "could co-exist with fiat currencies"."
“Wu, who is currently a member of National People's Congress Standing Committee and a vice-chairperson of the Financial and Economic Affairs Committee, made her remarks as keynote speaker at the Sanya International Financial Forum, a mainstream event featuring political and business leaders.”
“It was the first time digital currency played a formal role at a high-profile Chinese event"
“The comments make Wu one of the highest-ranking Chinese officials to speak publicly about bitcoin, and likely the first to have discussed cryptocurrencies at length in such a setting.”
“In April, central bank governor Zhou Xiaochuan stated that the bank did not intend to 'ban' bitcoin."
“Digital currencies, while they could co-exist with other forms of money, fiat currencies remain a key factor in national sovereignty and would not be challenged by any private money system. Cryptocurrencies solve the trust issue, she added, but they miss a supply-demand mechanism that is required to meet economic demand and avoid price volatility.”
“Though Wu said digital currencies were unlikely to make effective daily currencies, she said they could function as financial products or assets and provide key technological benefits to users.”
“She said she foresees a future where multiple settlement protocols will co-exist, adding that using technology to build a decentralized value transfer network is an idea that deserves further consideration.”