On June 5th, People’s Bank of China aka PBoC’s ex-vice president Wu Xiaolin commended Bitcoin (BTC) for its in her words, “commercial success”. Despite a number of crucial weaknesses, there are still kind words.

Wu stated in the introduction of the book, “taking to Top Cadres about Digital Currencies”, cryptocurrency is the most victorious business application blockchain so far, according to Sina, a local Chinese outlet.

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She also stated that no other project which is blockchain-related has achieved the commercial success that bitcoin achieved.

Although, Wu also commented:

“Bitcoin is the most successful commercial application of blockchain technology. Bitcoin, as a private currency, has its market base, but it is also limited to the private currency field.”

The former PBoC’s executive also shed light on what she believed some of the weaknesses bitcoin faces today:

“Bitcoin is the most successful commercial application of blockchain technology. Bitcoin, as a private currency, has its market base, but it is also limited to the private currency field.”

Regarding digital currencies, Wu seems to be pretty optimistic. She stated as cryptos would be integrated into social behavior fairly quickly, people should and must have an objective and wise understanding of it.

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