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156 shares, 369 points

Former chairman of the People’s Republic of China Central Bank made statements about the main reasons behind the crypto currency crisis in the country. Cryptocoin. com

As , we will now look at the details of the explanations on this subject, especially Bitcoin.

What’s wrong with Bitcoin?

The former head of the People’s Bank of China expressed his views that traditional cryptocurrencies cannot be a viable means of payment within traditional k-systems. The former head of the People’s Bank of China shared his view on CBDCs and their role in the modern, and also commented on the real reason behind the recent crackdown on cryptocurrencies in the country. The former head of the People’s Bank of China says he believes China will find and use the best possible way, while other countries use different ways to implement digital currencies in their k-systems.

As Zhou Xiaochuan, former chairman of the People’s Bank of China, noted, the most basic function of a currency is to make payments; otherwise, it is inherently useless in the traditional k-system. Although currency has a storage function, its usefulness for payments stands out as a priority function. With the introduction of CBDCs, it will have gained numerous advantages such as lower costs, higher convenience and stability. They are more convenient than traditional payment methods and offer more flexibility. Businesses will also benefit from the digitization of . Small businesses will have the opportunity to create a more effective and easier accounting framework.

Not a suitable payment method

Referring to the latest actions from the Chinese government towards traditional cryptocurrencies and cryptocurrency mining, Zhou, the former chairman of the People’s Bank of China, said that since decentralized blockchain-based digital currency is not the most suitable payment method for traditionals, it is “survival of the fittest”. the fittest). Most likely, the former head of the People’s Bank of China talked about the scaling problems of modern cryptocurrencies, which include fees, network congestion, and transaction speed. China’s crackdown on cryptocurrencies accelerated with the shutdown of the country’s Bitcoin exchange in 2017. Recently, crypto miners have left the country and sought to find new countries for themselves.


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