Skip to main content

Everyone is Excited About Blockchain

‘Everyone is Excited About Blockchain’

Bitcoin Price ‘Too Expensive’:.... World Bank President!

The president of the World Bank has praised blockchain technology while expressing skepticism of the current valuation of bitcoin price.

World Bank president Jim Yong Kim was speaking to CNBC in an interview when he talked up the potential of blockchain technology in the financial sector before adding that cryptocurrency blockchains should been treated with caution.

He stated:

"The blockchain technology is something that everyone is excited about. Bu,t we have to remember that bitcoin is one of the very few instances and other times that blockchain was used – they were basically ponzi schemes. It’s very important that if we go forward with it, we’re sure that it’s not going to be used to exploit."

Curiously, Kim went on to plug existing centralized FinTech payment platforms, citing the example of Chinese e-commerce giant Alibaba’s hugely popular payments platform, Alipay.

Comparing Alipay to cryptocurrencies powered by blockchain, he stated:

"Alibaba has a very different approach. They keep all the data. They’ve been able to move capital so quickly in China. It takes 3 seconds…3 seconds, to transfer as much $160,000 to anyone who is a part of the Alibaba network."

Kim didn’t say if he bought bitcoin at its recent price highs after scaling above $5,000.

The World Bank official did agree with IMF chief Christine Lagarde’s opinion on the current valuation of the cryptocurrency.

Yeah, it’s very expensive.

Washington-based World Bank provides capital loans to governments around the world with the motto of ‘Working for a World Free of Poverty.’ In late 2014, a researcher for the World Bank published a ‘working research paper’ commissioned by the financial entity to proclaim that bitcoin is not a ponzi scheme, at a time of early skepticism. The World Bank has also been working with blockchain startup Rootstock for micro-lending solutions for the unbanked in Latin America.

Comments

Post a Comment

Popular posts from this blog

DECENTRALIZED FINANCE; WHAT IS IT? – Part 1

      More than t en years gone down the lane, the block chain industry is yet to disappoint with it ever changing nature. Since the early adoption, the industry has since recorded a slow but progressive changes with the latest being the Decentralized Finance also referred to as Defi. What Decentralized Finance? ‘’DeFi is essentially just conventional financial tools built on a blockchain’’-blocknomi. These were previously built on the Ethereum network, but there is a growing number of players in this space such as Waves and Cosmos. ‘’ They are mostly predicated on open-source protocols or modular frameworks for creating and issuing digital assets and are designed to confer notable advantages of operating on a public blockchain like censorship-resistance and improved access to financial services’’ Example of a growing number of Defi Dapps on the waves platform is the Neutrino token - https://beta.neutrino.at/neutrino/usd-n ...
Post a Comment
Read more

Petro – The First National Cryptocurrency

World governments are slowly realizing that cryptocurrencies have come to stay. They are being discussed in   G20 meetings , the United States has been taking every necessary measure in order to regulate and tax cryptocurrencies and, late last year, we even saw the   first regulated ICO   in Canada. It seems progression is being made towards adoption and there are already plans to create the first ever national cryptocurrency. Dubai, the largest and most wealthy city in the United Arab Emirates (UAE), has   plans for issuing emCash , a cryptocurrency that would have become the first ever to be backed by a state or government. However, it seems they were beaten by the punch… El Petro Venezuela will become the first country to have its own national cryptocurrency, the Petro (PTR). The project is backed the president Nicolas Maduro and, according to the   whitepaper , the original idea came from the previous president, Hugo Chavez. He wanted a “strong cur...
Post a Comment
Read more