Former Executive of BoC: Bitcoin Should Position as a Trading Area Coin with limited Application Scope

[ChainDD report] December 7 (ChainDD) Bitcoin, stablecoins and other digital currencies cannot disrupt or replace fiat currency, said Wang Yongli, the director of Haixia Blockchain Research Institute and former vice president of Bank of China, at 2018 Beijing Financial Security Forum held on December 5.

Citing Wang’s speech, Sina Finance reported that he said Bitcoin has very limited application scenes, and should be positioned as the coin exclusive for a community online or in the real world, or only circulating in a trading area, just like meal voucher used in a specific cafeteria, which means it is an alternative currency with special purpose, rights and obligations in a certain scale under the fiat currency system. Even though Bitcoin has its own value, it is required to limit its application scope, otherwise it will definitely face regulation for it challenges status of fiat currencies and affects regulation of them.

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