Former Governor of People’s Bank of China Says Crypto Could Become Useful Tool for Economy

Former Governor of People's Bank of China Says Crypto Could Become Useful Tool for Economy

China could pay more attention to cryptocurrencies if they serve the real economy, according to Zhou Xiaochuan

Zhou Xiaochuan, the former governor of China’s central bank, said that cryptocurrencies could potentially serve the real economy during the Lujiazui Forum 2021 that kicked off in Shanghai on June 10.

However, he noted that it “would take time” for them to become a useful tool for financial development, Yicai Global reports.

Xiaochuan singled out low transaction throughput as one of the main shortcomings. He also describes such issues as decentralization and deregulation as “controversial.”

The retired economist—who’s known as the father of China’s much-talked-about central bank digital currency—said that the digital yuan would push back against dollarization back in October.

Original Source : u.today

If you wish to support our website and help us improve you can do it by donation. You can donate crypto directly. Just click on the banner below:

Want to receive the latest stock and cryptocurrency news and investing ideas that can help you make money ?! Subscribe to our newsletter. Enter your email below and hit the subscribe button.

If you want professional consultation regarding stock or cryptocurrency investing leave your information below and experts from our trusted partners will reach out to you

Subscribe

* indicates required
Buy crypto instantly on Uphold