China's BSN calls Bitcoin a Ponzi; stablecoins fine if regulated
Chinese financial regulator BSN said stablecoins are payment-related tokens and not speculative assets
By Shashank Bhardwaj
Yifan He, CEO of Red date Technology and a top local blockchain expert, referred to Bitcoin as a Ponzi scheme as the Chinese government continues to revel in the downfall of crypto markets this year.
Red Date Technology is involved in developing the Blockchain Service Network (BSN), China's largest blockchain project. Its CEO, Yifan He, wrote a new article recently criticising several cryptos and their alleged nature like a Ponzi scheme. The article, published in the local newspaper The People's Daily on June 26, referred to private crypto as the "biggest Ponzi scam in human history."
The article also talked about the Terra network's collapse, with the native token Terra (LUNA) dropping 99 percent and the algorithmic TerraUSD Classic (USTC) stablecoin losing its 1:1 peg value to the US dollar in May 2022.
Yifan also referred to the Move-to-Earn or Play-to-Earn initiatives, sometimes known as "X-to-Earn" projects, as a "phishing method" and questioned the growing popularity of virtual money. The BSN chairman also mentioned well-known Bitcoin (BTC) critics such as Microsoft co-founder Bill Gates and renowned investor Warren Buffett.
While making a statement regarding the matter on Monday, he stated, "Currently, all unregulated cryptocurrencies, including Bitcoin, are Ponzi schemes based on my understanding, just different risk levels based on the market caps and number of users."
The BSN chair also added that he has never had a crypto wallet or other crypto-related assets. He said, "I don't touch them and won't touch them in the future, even if they become regulated, since I don't believe they have any value."
In his statement, Yifan also talked about nations such as El Salvador, which has chosen to use Bitcoin as legal cash. As per him, these nations "seriously need basic financing training."
He added, "Otherwise, they put entire countries at risk unless their original intentions were to build state-owned crypto trading platforms and scam off on their citizens."
Notwithstanding the criticism levelled up against Bitcoin and the crypto industry in general, Yifan added that some aspects of the crypto industry could thrive if properly controlled. He said, "USDC or USDT are payment-related currencies, not speculative assets. Once they are fully regulated, they are fine."
Yifan previously advocated for stablecoins in 2020. The CEO had previously planned to integrate stablecoin payments into BSN by 2021. Due to China's harsh rules for crypto, the initiative was subsequently abandoned.
The article was posted around the same time as the Chinese government using the ongoing crypto market fall to justify its numerous prohibitions on the industry. Despite the bans, China remains one of the leading countries in supplying equipment required for Bitcoin mining.
Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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BTC and ETH will break all-time highs in 2022: Celsius CEORead More..
Blockchain games are leading the DApp industry: DappRadar reportRead More..
Finance Minister Nirmala Sitharaman calls for global crypto regulationsRead More..
WazirX co-founders shifting base to DubaiRead More..
Blockchain.com reportedly exploring IPO this yearRead More..
CoinDCX raises over $135 million in fresh funding round, now worth $2 billionRead More..
Atari terminates blockchain joint venture with ICICB GroupRead More..
Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..