#Wang Yongli Discusses the New Bitcoin Policy#

Wang Yongli, former vice president of the Bank of China, wrote an article in China Foreign Exchange arguing that Bitcoin can only be considered a new type of tradable digital asset, not a true currency, and cannot replace sovereign currencies. He believes that Bitcoin does not conform to the basic laws of monetary development and questions its feasibility as a national strategic reserve, arguing that its security and risk management are immature. Regarding Trump's proposed Bitcoin policy, Wang Yongli emphasizes that excessive deregulation could weaken the dollar's position and calls for the international community to respond rationally and avoid blindly following the trend. He believes that Bitcoin, at the level of "coin," highly imitates gold, but its total amount and phased increments are completely set by the system, making it more stringent than gold. It cannot grow along with the growth of tradable wealth value, failing to meet the essential requirements of currency. Moreover, Bitcoin is a purely chain-born digital asset, and once it loses trust, it will vanish into thin air, becoming worthless. Its risk is far greater than that of gold.