PBoC: Cryptocurrencies Won’t Disrupt the Traditional Money System

[kreslik.news]

The People’s Bank of China (PBoC) has yet again reiterated that it is not impressed with cryptocurrencies, highlighting its belief that fiat currencies are more superior than virtual currencies in a research paper that was published earlier this month.

The paper, titled “What can a blockchain do and not do?” was written by Xu Zhong, the director of the central bank’s research unit. In the report, the author shoots down the idea that cryptocurrencies have the power to disrupt the traditional monetary system.

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In fact, according to Cryptovest, a cryptocurrency news site, the research ... (read more)