#Wang Yongli Discusses the New Bitcoin Policy#

Wang Yongli, former vice president of the Bank of China, wrote an article in the magazine "China Foreign Exchange" expressing cautious views on the new Bitcoin policy proposed by Trump. He believes that Bitcoin, as a new type of tradable digital asset, is difficult to become a real currency and cannot replace sovereign currencies. Bitcoin has a fixed total amount and its price fluctuates dramatically, which does not conform to the basic laws of monetary development. Its security and risk management are not yet mature, making it unsuitable for use as a national strategic reserve. Wang Yongli also pointed out that Bitcoin highly imitates gold at the "coin" level, but its total amount and phased increments are completely set by the system, which is more stringent than gold and cannot grow with the growth of tradable wealth value, which does not meet the essential requirements of currency. He believes that excessive relaxation of regulation or weakening of the dollar's status is not advisable, and calls on the international community to respond rationally and avoid blindly following the trend.