#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 a rational and cautious attitude towards Trump's new policy on Bitcoin. He believes that Bitcoin, as a new type of tradable digital asset, is difficult to become a real currency and cannot replace sovereign currencies. The fixed total amount and drastic price fluctuations of Bitcoin do not conform to the basic laws of monetary development, its security and risk management are not yet mature, and its feasibility as a national strategic reserve is also questionable. In addition, Wang Yongli also pointed out that Bitcoin highly imitates gold at the level of "coin", but its total amount and phased incremental amount 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 conform to the essential requirements of currency. He emphasized that excessive relaxation of regulation or weakening of the dollar's status, and called on the international community to respond rationally and avoid blindly following the trend.