Recently, in a statement issued on its official website, People’s Bank of China (PBOC) has announced a plan to launch its own digital currency .
In light of this big news from China, CoinTelegraph conducted a survey of industry experts to hear what they think of the move and how it affects the cryptocurrency market. Centralized Currency vs. CryptoCurrency?
If PBOC launches its own digital currency, will it have anything to do with cryptography at all? Can a centralized virtual currency ever compete with cryptocurrency where no third party involvement exists?
Tone Vays , head of research at BraveNewCoin, thinks this move from the PBOC has nothing to do with cryptocurrency at all.
He said: “The PBOC already has a Digital Currency, it’s called the Yuan. The only difference will be the elimination of physical bills . It will have absolutely nothing in common with bitcoin and will never compete with the only use case the Bitcoin Blockchain currently has – Permissionless Value Transfer." Tone Vays, Head of research at BraveNewCoin Jeffrey A Tucker , who is a distinguished fellow of the Foundation for Economic Education believes: “A government starting a crypto-currency today is a bit like the post office starting its own email in 1995. They can do it but getting people to choose a centralized public version over the decentralized market version is the real challenge. I don’t believe that the Bank of China or any other central bank is up to it.” Manie Eagar , founder of the BlockChain lab, added, “They have seen what bitcoinCT r: 10 and other cryptocurrencies have done in their market which was their initial fear – they cannot control it – they expect it to be compliant, taxable, auditable etc.” Improved Centralized Virtual Currency?
Would a centralized virtual currency like this work […]
