PBOC: Calls for centralized state cryptocurrency

Comments from Yao Qian, the Director of the Digital Currency Research Institute under the People's Bank of China (PBOC), were reported by CoinDesk, during his speech at a meeting hosted by the International Telecommunication Union this week.

Key Points:

Boasted about the potential of a state-owned digital currency

"The value of cryptocurrencies such as bitcoin primarily comes from the market speculation. It will be a disaster to recoganize it as a real currency. And the lack of a value anchroing inherently determines that bitcoin can never be a real one."

"The nature of a state-owned digital currency is a government liability issued to the public," he said. "And it's backed by the sovereign credibility."