Cryptos Land: Bitcoin, A disaster For China?

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Monday, 16 October 2017

Bitcoin, A disaster For China?

In a conference held in Beijing backed by Chinese government Bitcoin has been labeled as a disaster. Conference named First Workshop on Standards for Digital Fiat Currency (DFC) for Universal Finance Access was held by International Telecommunication Union (ITU) and the Institute of World Economics and Politics at the Chinese Academy of Social Sciences (CASS) was also present. The People’s Bank of China (PBoC), the Institute of Digital Money, the Chinese Academy of Information and Communications Technology and the Digital Fiat Currency Institute were other notable organizations that were present.

The central theme was to reach a conclusion about the usage of decentralized crypto currencies such as Bitcoin. However, the participants showed a great interest for state regulated and issued digital currencies. Professionals, officers, and entrepreneurs were invited from 50 countries at the event.

Yao Qian, the Director of the Digital Currency Research Institute of the People's Bank of China, said in his speech that a public cryptocurrency like Bitcoin lacks inherent value, which makes it unreliable. He also explained the importance of state’s endorsed digital currency and questioned the value of Bitcoin which mainly comes from speculation

The event came in as China banned ICO's in its country and took a tough stance on digital currencies temporarily banning exchanges that caused a decline in Bitcoin's price in past month.

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