PBOC Former Deputy Director: "Private Digital Money Can Coexist with Government Money"
Wu Xiaoling, former deputy director of the People's Bank of China (PBOC), recently came out in support of Bitcoin and likewise cryptocurrencies, saying that they all can coexist with government money. "Coexistence of private money and government money will be a normal part of our world," says the translated version of her quote. "A new value transfer network based on open-source, distributed information technology will reduce costs and increase efficiency; it is worthy of exploration and development." By far, Xiaoling is the highest-ranking government official in China that has openly....
Related News
At a recent speech in Hainan, China, Chinese government official Wu Xiaoling addressed the Sanya International Finance Forum and gave a speech titled, "From an information network to a financial network - How the finance industry can make use of information technology." Wu Xiaoling is the former deputy director of China's central bank, the People's Bank of China (PBOC). Wu's former employer, the PBOC, has previously taken a strong stance against Bitcoin and its use by Chinese banks and third party payment processors, causing some turmoil and closures. Also read: PBOC Official On....
The Bank of England's deputy governor has argued that, with the possible rise of non-bank actors issuing currency, public money in digital form could serve as a crucial anchor for confidence in money as a social convention. The Bank of England's deputy governor Jon Cunliffe has argued that a sea change in the issuance and circulation of public and private monies could make general access to a digital form of central bank money crucial for ensuring financial stability in future.In a speech at the OMFIF Digital Money Institute in London, Cunliffe reflected on past, present and future trends....
Bitcoin is not money, the deputy director of the Dutch Payments Association has declared. Comparing the digital currency to tulip bulbs, which famously rocketed in price during the 'Tulip Mania' bubble of the early 1600s, Gijs Boudewijn dismissed suggestions that bitcoin could be currency: "Bitcoin is not a claim and therefore not money ... If you and I agree to pay each other in tulip bulbs then we have established a private currency and the same applies to bitcoin." The comments, made in a wide-ranging interview with Dutch bitcoin news site deBitcoin.org, come as European regulators....
Chinese "crypto dad" and ex PBoC director Yao Qian insists digital yuan is not a surveillance tool for the government. China’s digital yuan will utilize smart contracts, and will be built to counter Alipay-like payment platforms designed by the privately owned conglomerates, former People’s Bank of China director Yao Qian said.Speaking at the International Finance Forum in Beijing, Qian argued that simply simulating its physical counterpart would not be enough for the digital yuan to succeed. To fully benefit from being digital, it will move toward the "smart currency" by making use of....
The central bank official said stablecoins issued by private companies may require "stronger regulatory rules" than Bitcoin. Li Bo, recently appointed deputy governor of the People’s Bank of China, or PBoC, reportedly spoke on the benefits of crypto as an investment tool while highlighting regulatory uncertainty in the country surrounding digital assets.According to Chinese journalist Colin Wu, Li made the comments at the Boao Forum in southern China on Sunday. The PBoC head said there are still regulatory risks for the central bank, citing its previous ban on initial coin offerings and....