Head of the Institute of Digital Currencies of the People's Bank of China (PBoC) urged the Chinese Central Bank to issue the government's cryptocurrency to ensure the stability of China's currency.
Yao Qian outlined the advantages of the government cryptocurrency at the meeting of the International Telecommunication Union this week. According to him, decentralized cryptocurrencies, such as Bitcoin, do not have value, because they are not tied to either internal asset or to a currency supported by the state. The digital currency, as Yao Qian believes, supported by the government, will provide greater price stability than the usual currency.
Yao expressed positive attitude towards the security provided by the blockchain. He noted that central banks should not be limited to the currently existing blockchain encryption algorithms, but should continue to develop these algorithms to meet the unique needs of the banks themselves.
The position of Yao Qian is not the official position of PBoC. However, last month after ban of cryptocurrency trading in China, PBoC researcher Huang Zhen shared his expectations that the bank will issue a "sovereign digital currency under the auspices of the central bank" soon.
姚明钱学森提出的优势,政府在会上cryptocurrency本周国际电信联盟。 根据他的说法,分散cryptocurrencies,如比特币,没有价值,因为他们没有与内部资产或货币支持的状态。 数字货币,姚明钱云会相信,在政府的支持下,将提供更大的比通常的货币价格稳定。