Comments from Yao Qian, the Director of the Digital Currency Research Institute under the People's Bank of China (PBOC), were reported by CoinDesk, during his speech at a meeting hosted by the International Telecommunication Union this week.
Boasted about the potential of a state-owned digital currency
"The value of cryptocurrencies such as bitcoin primarily comes from the market speculation. It will be a disaster to recoganize it as a real currency. And the lack of a value anchroing inherently determines that bitcoin can never be a real one."
"The nature of a state-owned digital currency is a government liability issued to the public," he said. "And it's backed by the sovereign credibility."
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