Bitcoin is the most successful commercial application of blockchain technology, suggests Wu Xiaoling the previous Deputy Governor of China’s Central Bank. However, she also points out Bitcoin’s weakness as a private currency.
“Bitcoin, even as a private currency, has fatal weaknesses”
A highly populated country like China, taking a keen interest in cryptocurrencies, has definitely posed as a boon to the community in terms of adoption. The Chinese government is one of the first to formulate the release of CBDC. While several have been speculating the fate of Bitcoin after the release of China’s CBDC, the country recently revised its inheritance law suggesting that “virtual assets, such as bitcoins, [can] be inherited.”