The People’s Bank of China (PBoC) remains unimpressed with cryptocurrencies, as reiterated through a recently published research paper which expresses confidence in the superiority of fiat currencies over crypto.

Authored by the Chinese central bank’s research wing, the paper, titled “What Blockchain Can and Cannot Do,” sweeps aside any merit or potential that cryptocurrencies and blockchain technology might possess to trigger financial innovation and disrupt the traditional monetary system. The regulator expresses the belief that crypto and blockchain will have little to no impact on the conventional financial system, with digital assets possessing no intrinsic value.

The paper proceeds to discuss the shortcomings of blockchain tech, claiming that distributed ledger technology (DLT) is a “utopian fantasy” that promises much but d…

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