Sheng Songcheng doubts if bitcoin can become a means of exchange that could meet modern economic development needs.
Bitcoin continues its steady growth and moves from an alternative asset to a mainstream payment form for businesses.
Bitcoin price recovers as Chinese authorities and bitcoin industry push for regulatory alliance.
Chinese biggest bitcoin exchanges unveiled on Sunday they will impose trading fees, as the government is tightening control over digital currency.
The People’s Bank of China found some violation of rules in the operations of major bitcoin exchanges.
China’s central bank unveiled plans to more closely inspect operations of digital currency exchanges in an effort to curb the yuan’s outflow.
Bitcoin price demonstrated a sharp drop on Friday after the central bank of China warned users of the threats associated with the investment in digital currency.
The Chinese government seriously intends to keep its money at home.
Overnight, the Yuan dropped to the lowest point since December 2008, and experts predict further declines.
Bitcoin has reached its highest value in the past three months, while Chinese central bank is tightening its control over the wealth management product funds.
The cryptocurrency called MUFG coin will reduce managerial costs and transaction fees.
China’s central bank on Wednesday announced that it will try to issue digital currencies ‘as soon as possible’ to cut the costs of circulating traditional paper money and boost policymakers’ control of money supply.