Beijing became the core of much hustle bustle on 12th October as International Telecommunication Union (ITU) in collaboration with Institute of World Economics and Politics organised the First Workshop on Standards for Digital Fiat Currency (DFC) for Universal Finance Access at the Chinese Academy of Social Sciences (CASS). The Digital Fiat Currency Institute, People’s Bank of China (PBoC), Chinese Academy of Information and Communications Technology and the Institute of Digital Money also became a part of this bubbling thinktank.
Officers, professionals as well as entrepreneurs were invited from across 40 different countries to lay down their view regarding the future of digital currency. The whole workshop was centered mostly around finding solutions to the associated problems of cryptocurreny industry. Chinese scholars mostly favoured a state-issued digital currency over and above public cryptocurrencies such as Bitcoins.
Also Read: Indian Central Bank looking for Fiat Cryptocurrencies, instead of Bitcoin
Yao Qian, the Director of People’s Bank of China’s Digital Currency Research Institute served as a vocal representative of the Chinese scholars. He questioned the value of Bitcoin and pointed out the necessity of a state endorsed digital currency in his speech. He strongly feels that Bitcoin lacks an inherent value which makes it all the more unreliable. He was quoted as saying,:
“The value of a cryptocurrency like Bitcoin primarily comes from the speculation of the market. It will be a disaster if countries recognize Bitcoin as a real currency. The lack of a value anchoring inherently determines that Bitcoin can never be a real currency.”
Other noted speakers of this event were Muhammad Arif Sargana (Director at Pakistan Telecommunication Authority) , Njuguna Ndung‘u (former Governor of the Central Bank of Kenya) and Bilel Jamoussi (officer of ITU). Certain scholars voiced their thought regarding securing the financial status of countries by issuing a state-owned digital currency that can also stabilise the domestic fiat currency.
Chinese government has been exceptionally harsh in dealing with the cryptocurreny world during the last few months. The closure of Bitcoin exchanges and banning of ICO activities did join hands to bring about a drastic fall in the value of Bitcoin. However the latest discussion entered into by Chinese officials is adding fuel to the fire which is causing people to believe that the Chinese law makers could very well roll out their exclusive fiat-backed cryptocurrency.
Bitcoin traders in China are waiting eagerly for the Season finale of the Bitcoin saga as the show unfurls itself on the meeting of the 19th national congress of the Communist Party of China (CPC) which holds the supreme power to make or break Bitcoin. If the conservative part of CPC emerges as the winner then, Bitcoin might be in for a rough ride with prices which can soon fall below $5000 figures.
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