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Friday, November 29, 2019

China outraged by US law on Hong Kong

Beijing slams meddling in internal affairs

The nature of this is extremely abominable, and harbours absolutely sinister intentions. Chinese foreign ministry statement

https://youtu.be/noOKupbGAbk

https://youtu.be/YldbrQ91n3U

https://youtu.be/mp74Fy-X9bo

https://youtu.be/787fWT43tzk

https://youtu.be/fuEgStQS3KU

HONG KONG: China summoned the US ambassador and threatened retaliation after US President Donald Trump signed legislation supporting Hong Kong protesters, just as the world’s top two economies edge towards a trade truce.

Trump signed the legislation under heavy pressure from Congress, where it attracted rare bipartisan support, and in a statement spoke of his “respect” for Chinese President Xi Jinping, calling for both sides to “amicably settle their differences”.

But Beijing lashed out furiously, summoning the US ambassador, threatening unspecified “firm countermeasures” and warning Washington not to implement the legislation.

“The nature of this is extremely abominable, and harbours absolutely sinister intentions,” the Chinese foreign ministry said in a statement.

“China strongly urges the US side to correct mistakes and change course,” the ministry added later.

In Hong Kong, the government expressed “extreme regret” after Trump signed legislation requiring an annual review of freedoms in Hong Kong and banning the sale of crowd control equipment like tear gas.

“The two acts are obviously interfering in Hong Kong’s internal affairs,” the city government said in a statement, warning the move would “send the wrong message to the protesters”.

And Beijing’s liaison office in the city condemned Washington’s “disgusting conduct”, saying it would bring “trouble and chaos” to Hong Kong.

Hong Kongers have protested in huge numbers over the last six months.

The territory’s leaders have offered few concessions and police have cracked down on protesters in increasingly violent clashes.

More than 5,800 people have been arrested and nearly 1,000 charged, with detentions skyrocketing in the last two months.

Yesterday, police entered the campus of the Hong Kong Polytechnic University, to which they have laid siege for days.

Most protesters have now left, some of them arrested and beaten as they tried to flee, and police were collecting evidence including Molotov cocktails and archery bows at the ransacked site.

The violence has done little to dampen public support though, with pro-democracy candidates winning a landslide victory in local council elections over the weekend.

The Hong Kong Human Rights and Democracy Act requires the US president to annually review the city’s favourable trade status and threatens to revoke it if the territory’s freedoms are quashed.

Trump also signed legislation banning the sale of tear gas, rubber bullets and other equipment used by Hong Kong security forces in putting down the protests. - AFP


Read more:.


China lashes out at HK law

China expressed its indignation Thursday over the Hong Kong-related act signed by US President Donald Trump, vowing to take tough countermeasures against such sinister intentions, which is aimed at disrupting the nation's endeavor to realize the great rejuvenation


US cannot cut off HK from the world

This is no longer the world in the early days after the end of the Cold War. The US cannot cut off China's connection with the world. Even if the US breaks relations with China, US allies and most countries need to develop relations with China. If the US insists on unilateralism and zero-sum game, it is choosing an irreversible decline for itself.

Hong Kong society needs to jointly resist US provocation

“One country, two systems” is China's independent constitutional arrangement and US intervention damages its external environment. Hong Kong society should be vigilant. To maintain “one country, two systems,” the Chinese mainland and the HKSAR need to work together. Anyone who colludes with external forces to undermine “one country, two systems” must pay a heavy price.



US move on Hong Kong dims deal hopes


US President Donald Trump's decision to sign a bill into law that interferes with China's internal affairs related to Hong Kong has cast a cloud over prospects for a highly anticipated phase one trade deal, with Chinese experts warning Washington of countermeasures if it attempts to link Hong Kong affairs with the ongoing negotiations.

 

Greater connection to the mainland would safeguard HK stability

If China can take the initiative in its competition with the US, it would build confidence among Hongkongers and inspire them to love the country while making the mainland more attractive from their perspective.

 

Pompeo's futile efforts to discredit CPC

The CPC has led Chinese people to be truly independent, realize great economic growth in the past decades, fundamentally reshape people's livelihood, and regain dignity in the world. The CPC has dedicated itself to the great rejuvenation of China. This is a consensus of Chinese people, and many Westerners cannot imagine how unshakable it is.

 

Time for HK pan-democrats to build consensus

Pan-democrats gained more seats, but they should maintain political sobriety. The young newly elected, in particular, should keep a distance from those who betray the country and Hong Kong, and have the courage to explore a new political path in accordance with the “one country, two systems” principle. Hong Kong is a part of China, and never will it belong to the US or the West. Only by keeping this in mind and acting accordingly will they have a solid political career.

China needs to counter Western public opinion war

The most effective way to counter US public opinion war against China is to raise our voices while doing our own things well. We must strengthen our ability to expose slander and Western lies. Since the US launched the trade war with China, China has been expanding its openness while fighting back. China's image in international trade is becoming increasingly better than the US' and people can see it.

Related posts:


Inside America's Meddling Machine: NED, the US-Funded Org Interfering in Elections Across the Globe https://youtu.be/NzIJ25ob1aA

Exclusive: How the US is pushing HK's protesters to attack China, overthrow: 100 Years of U.S. Meddling & Regime Change, from Iran to Nicaragua to Hawaii to Cuba


'We lied, we cheated, we stole', ‘the Glory of American experiment’ by US Secretary of State/Ex-CIA director Mike Pompeo


  Related

U.S. slaps new bans on Huawei and ZTE

  https://youtu.be/ss5o6ZnxbSE

China outraged by US law on Hong Kong

Beijing slams meddling in internal affairs

The nature of this is extremely abominable, and harbours absolutely sinister intentions.Chinese foreign ministry statement

https://youtu.be/noOKupbGAbk

U.S. doesn't have Hong Kong's interest in mind - CGTN


https://youtu.be/YldbrQ91n3U

https://youtu.be/mp74Fy-X9bo

https://youtu.be/787fWT43tzk

https://youtu.be/fuEgStQS3KU

HONG KONG: China summoned the US ambassador and threatened retaliation after US President Donald Trump signed legislation supporting Hong Kong protesters, just as the world’s top two economies edge towards a trade truce.

Trump signed the legislation under heavy pressure from Congress, where it attracted rare bipartisan support, and in a statement spoke of his “respect” for Chinese President Xi Jinping, calling for both sides to “amicably settle their differences”.

But Beijing lashed out furiously, summoning the US ambassador, threatening unspecified “firm countermeasures” and warning Washington not to implement the legislation.

“The nature of this is extremely abominable, and harbours absolutely sinister intentions,” the Chinese foreign ministry said in a statement.

“China strongly urges the US side to correct mistakes and change course,” the ministry added later.

In Hong Kong, the government expressed “extreme regret” after Trump signed legislation requiring an annual review of freedoms in Hong Kong and banning the sale of crowd control equipment like tear gas.

“The two acts are obviously interfering in Hong Kong’s internal affairs,” the city government said in a statement, warning the move would “send the wrong message to the protesters”.

And Beijing’s liaison office in the city condemned Washington’s “disgusting conduct”, saying it would bring “trouble and chaos” to Hong Kong.

Hong Kongers have protested in huge numbers over the last six months.

The territory’s leaders have offered few concessions and police have cracked down on protesters in increasingly violent clashes.

More than 5,800 people have been arrested and nearly 1,000 charged, with detentions skyrocketing in the last two months.

Yesterday, police entered the campus of the Hong Kong Polytechnic University, to which they have laid siege for days.

Most protesters have now left, some of them arrested and beaten as they tried to flee, and police were collecting evidence including Molotov cocktails and archery bows at the ransacked site.

The violence has done little to dampen public support though, with pro-democracy candidates winning a landslide victory in local council elections over the weekend.

The Hong Kong Human Rights and Democracy Act requires the US president to annually review the city’s favourable trade status and threatens to revoke it if the territory’s freedoms are quashed.

Trump also signed legislation banning the sale of tear gas, rubber bullets and other equipment used by Hong Kong security forces in putting down the protests. - AFP

Read more:.


China lashes out at HK law

China expressed its indignation Thursday over the Hong Kong-related act signed by US President Donald Trump, vowing to take tough countermeasures against such sinister intentions, which is aimed at disrupting the nation's endeavor to realize the great rejuvenation


US cannot cut off HK from the world

This is no longer the world in the early days after the end of the Cold War. The US cannot cut off China's connection with the world. Even if the US breaks relations with China, US allies and most countries need to develop relations with China. If the US insists on unilateralism and zero-sum game, it is choosing an irreversible decline for itself.

Hong Kong society needs to jointly resist US provocation

“One country, two systems” is China's independent constitutional arrangement and US intervention damages its external environment. Hong Kong society should be vigilant. To maintain “one country, two systems,” the Chinese mainland and the HKSAR need to work together. Anyone who colludes with external forces to undermine “one country, two systems” must pay a heavy price.



US move on Hong Kong dims deal hopes


US President Donald Trump's decision to sign a bill into law that interferes with China's internal affairs related to Hong Kong has cast a cloud over prospects for a highly anticipated phase one trade deal, with Chinese experts warning Washington of countermeasures if it attempts to link Hong Kong affairs with the ongoing negotiations.

 

Greater connection to the mainland would safeguard HK stability

If China can take the initiative in its competition with the US, it would build confidence among Hongkongers and inspire them to love the country while making the mainland more attractive from their perspective.

 

Pompeo's futile efforts to discredit CPC

The CPC has led Chinese people to be truly independent, realize great economic growth in the past decades, fundamentally reshape people's livelihood, and regain dignity in the world. The CPC has dedicated itself to the great rejuvenation of China. This is a consensus of Chinese people, and many Westerners cannot imagine how unshakable it is.

 

Time for HK pan-democrats to build consensus

Pan-democrats gained more seats, but they should maintain political sobriety. The young newly elected, in particular, should keep a distance from those who betray the country and Hong Kong, and have the courage to explore a new political path in accordance with the “one country, two systems” principle. Hong Kong is a part of China, and never will it belong to the US or the West. Only by keeping this in mind and acting accordingly will they have a solid political career.

China needs to counter Western public opinion war

The most effective way to counter US public opinion war against China is to raise our voices while doing our own things well. We must strengthen our ability to expose slander and Western lies. Since the US launched the trade war with China, China has been expanding its openness while fighting back. China's image in international trade is becoming increasingly better than the US' and people can see it.

Related posts:


Inside America's Meddling Machine: NED, the US-Funded Org Interfering in Elections Across the Globe https://youtu.be/NzIJ25ob1aA

Exclusive: How the US is pushing HK's protesters to attack China, overthrow: 100 Years of U.S. Meddling & Regime Change, from Iran to Nicaragua to Hawaii to Cuba


'We lied, we cheated, we stole', ‘the Glory of American experiment’ by US Secretary of State/Ex-CIA director Mike Pompeo

https://youtu.be/DPt-zXn05ac

  Related

U.S. slaps new bans on Huawei and ZTE

  https://youtu.be/ss5o6ZnxbSE

Thursday, November 21, 2019

US's ‘Support Hong Kong Violence Act’ condemmed

https://youtu.be/D6bjbxpQEXY

https://youtu.be/CjtqiO8LZTU https://youtu.be/H4KneU4Q-Wg

The US Senate on Tuesday unanimously passed the "Hong Kong Human Rights and Democracy Act," a move that seriously tarnished sacred terms like "human rights" and "democracy." The bill's real title should be "Support Hong Kong Violence Act" as it has overtly taken sides with rioters who are destroying the rule of law in Hong Kong. And it has targeted the Hong Kong Special Administrative Region (HKSAR) government and Hong Kong police, who are struggling to prevent chaos from turning into anarchy.

The core of the new US bill is to oppose HKSAR government's efforts to stop violence, end chaos as well as to prevent the Chinese central government from saving Hong Kong under any circumstance. The most prominent clause subjects the city to an annual review for its special trade status, which would strip Hong Kong of the status.

Some opposition figures in Hong Kong stupidly kowtow to Washington and express their gratitude for US support for the radical protesters' "democracy struggle." But if the US imposes economic sanctions on Hong Kong, all Hong Kong people will have to bear the consequences.

Once the bill is signed by the US president, subtle changes will take place in Hong Kong's international business environment, because of the uncertainties caused by the US. American investors in Hong Kong will panic, and the city's geoeconomic status and function will be reevaluated.

Some may expect this to deter Beijing. Such thinking is naïve. Hong Kong is in a mess, but the country hasn't intervened so far.

Instead, the Chinese central government encourages the city to stop violence and end chaos under the leadership of the HKSAR government, solve the conundrum under the framework of the Basic Law and not use the provisions of the Basic Law for emergency situations.

However, if the chaos continues, even paralyzes the city and destroys ordinary people's lives, how can the central government not intervene?

Passing the act is the US attempt to disrupt the People's Republic of China's governance over Hong Kong, weaken the HKSAR government, and compel the police to be afraid of cracking down on radical rioters in accordance with the law.

The US is hoping that Hong Kong falls into disorder for a long time. If we take this US bill seriously and shrink from tackling riots, Hong Kong will suffer from an accelerated collapse of the rule of law and be erased from the modern world.

Hong Kong has long acted as an interface linking China and the West. The US move will undermine that function of the city. But no matter what challenges Hong Kong will have to face, it will be far better than what it faces now: Streets are full of roadblocks; subway stations are burned; schools cannot re-open; and many businesses are forced to stop.

If riots continue, Hong Kong is doomed. The threat from the US is much less than the damage the city is currently suffering.

What the bill brings is not fear, but anger. People see certain US politicians' malice against Hong Kong and the entire China between the lines.

It is believed that with the central government's support, Hong Kong will resolutely reject the US threat. Hong Kong's special trade status is entitled by the Basic Law. The US attitude does not represent the international community's. Hong Kong's future is bound to that of the entire China, instead of the US.

Source link


Read more: 

China ready to  'fight back' over US  Hong Kong bill

https://youtu.be/jfgbg4Be4sA

China ready to  'fight back' over US  Hong Kong bill


US Senate's passage of HK 'rights act' condemned | The Star ...


image: https://apicms.thestar.com.my/uploads/images/2019/11/21/397785.jpg

Strong words: Yang said the passage openly supported protesters and radicals in Hong Kong and completely exposed the hegemonic nature of some politicians in the United States. — Reuters


Related posts:

Exclusive: How the US is pushing HK's protesters to attack China, overthrow: 100 Years of U.S. Meddling & Regime Change, from Iran to Nicaragua to Hawaii to Cuba

https://youtu.be/Dl1xwIdQhDU

'We lied, we cheated, we stole', ‘the Glory of American experiment’ by US Secretary of State/Ex-CIA director Mike Pompeo

https://youtu.be/DPt-zXn05ac

US Secretary of State Mike Pompeo: "I was the CIA director. We lied, we cheated, we stole. We had entire training courses. It reminds you of the glory of the American experiment."

Pompeo said this at an event at Texas A&M University on April 15, 2019. Here is the official State Department transcript:https://www.state.gov/secretary/remar....

https://thegrayzone.com Support our original journalism at Patreon: https://patreon.com/grayzone Twitter: https://twitter.com/grayzoneproject Facebook: https://facebook.com/thegrayzone

Hong Kong Riots, engineered by CIA, nothing but true!

 

Inside America's Meddling Machine destabilizing the world order

 https://youtu.be/NzIJ25ob1aA

Hong Kong's social problems stem from British rule, faces risk of Beijing rule as UK's ‘toothless threat’ against China

 

Hong Kong's youngters barking up at the wrong tree: preaching the West's cheats, divide-and-conquer, farce hearing !  https://youtu.be/n9Modr_sVr0

 

Inside America's Meddling Machine: NED, the US-Funded Org Interfering in Elections Across the Globe https://youtu.be/NzIJ25ob1aA

Behind Hong Kong's chaos lie deep-seated social ills


Hong Kong in decline


US's ‘Support Hong Kong Violence Act’ condemmed

https://youtu.be/D6bjbxpQEXY

https://youtu.be/CjtqiO8LZTU https://youtu.be/H4KneU4Q-Wg

The US Senate on Tuesday unanimously passed the "Hong Kong Human Rights and Democracy Act," a move that seriously tarnished sacred terms like "human rights" and "democracy." The bill's real title should be "Support Hong Kong Violence Act" as it has overtly taken sides with rioters who are destroying the rule of law in Hong Kong. And it has targeted the Hong Kong Special Administrative Region (HKSAR) government and Hong Kong police, who are struggling to prevent chaos from turning into anarchy.

The core of the new US bill is to oppose HKSAR government's efforts to stop violence, end chaos as well as to prevent the Chinese central government from saving Hong Kong under any circumstance. The most prominent clause subjects the city to an annual review for its special trade status, which would strip Hong Kong of the status.

Some opposition figures in Hong Kong stupidly kowtow to Washington and express their gratitude for US support for the radical protesters' "democracy struggle." But if the US imposes economic sanctions on Hong Kong, all Hong Kong people will have to bear the consequences.

Once the bill is signed by the US president, subtle changes will take place in Hong Kong's international business environment, because of the uncertainties caused by the US. American investors in Hong Kong will panic, and the city's geoeconomic status and function will be reevaluated.

Some may expect this to deter Beijing. Such thinking is naïve. Hong Kong is in a mess, but the country hasn't intervened so far.

Instead, the Chinese central government encourages the city to stop violence and end chaos under the leadership of the HKSAR government, solve the conundrum under the framework of the Basic Law and not use the provisions of the Basic Law for emergency situations.

However, if the chaos continues, even paralyzes the city and destroys ordinary people's lives, how can the central government not intervene?

Passing the act is the US attempt to disrupt the People's Republic of China's governance over Hong Kong, weaken the HKSAR government, and compel the police to be afraid of cracking down on radical rioters in accordance with the law.

The US is hoping that Hong Kong falls into disorder for a long time. If we take this US bill seriously and shrink from tackling riots, Hong Kong will suffer from an accelerated collapse of the rule of law and be erased from the modern world.

Hong Kong has long acted as an interface linking China and the West. The US move will undermine that function of the city. But no matter what challenges Hong Kong will have to face, it will be far better than what it faces now: Streets are full of roadblocks; subway stations are burned; schools cannot re-open; and many businesses are forced to stop.

If riots continue, Hong Kong is doomed. The threat from the US is much less than the damage the city is currently suffering.

What the bill brings is not fear, but anger. People see certain US politicians' malice against Hong Kong and the entire China between the lines.

It is believed that with the central government's support, Hong Kong will resolutely reject the US threat. Hong Kong's special trade status is entitled by the Basic Law. The US attitude does not represent the international community's. Hong Kong's future is bound to that of the entire China, instead of the US.

Source link


Read more: 

China ready to  'fight back' over US  Hong Kong bill

https://youtu.be/jfgbg4Be4sA

China ready to  'fight back' over US  Hong Kong bill


US Senate's passage of HK 'rights act' condemned | The Star ...


image: https://apicms.thestar.com.my/uploads/images/2019/11/21/397785.jpg

Strong words: Yang said the passage openly supported protesters and radicals in Hong Kong and completely exposed the hegemonic nature of some politicians in the United States. — Reuters


Related posts:

Exclusive: How the US is pushing HK's protesters to attack China, overthrow: 100 Years of U.S. Meddling & Regime Change, from Iran to Nicaragua to Hawaii to Cuba

https://youtu.be/Dl1xwIdQhDU

'We lied, we cheated, we stole', ‘the Glory of American experiment’ by US Secretary of State/Ex-CIA director Mike Pompeo

https://youtu.be/DPt-zXn05ac

US Secretary of State Mike Pompeo: "I was the CIA director. We lied, we cheated, we stole. We had entire training courses. It reminds you of the glory of the American experiment."

Pompeo said this at an event at Texas A&M University on April 15, 2019. Here is the official State Department transcript:https://www.state.gov/secretary/remar....

https://thegrayzone.com Support our original journalism at Patreon: https://patreon.com/grayzone Twitter: https://twitter.com/grayzoneprojectFacebook: https://facebook.com/thegrayzone

Hong Kong Riots, engineered by CIA, nothing but true!

 

Inside America's Meddling Machine destabilizing the world order

 https://youtu.be/NzIJ25ob1aA

Hong Kong's social problems stem from British rule, faces risk of Beijing rule as UK's ‘toothless threat’ against China

 

Hong Kong's youngters barking up at the wrong tree: preaching the West's cheats, divide-and-conquer, farce hearing !  https://youtu.be/n9Modr_sVr0

 

Inside America's Meddling Machine: NED, the US-Funded Org Interfering in Elections Across the Globe https://youtu.be/NzIJ25ob1aA

Behind Hong Kong's chaos lie deep-seated social ills


Hong Kong in decline


Wednesday, November 20, 2019

Blockchain: Internet of Value/ Currency of Trust; Private cryptocurrency a misallocation among blockchain technology, say research & economist



  • Blockchain embodies the internet of value. How will it revolutionize our lives and our pockets?

  •  And, we look at the qualities Blockchain needs to spark mass adoption.


https://youtu.be/oJGVvJS0A0I

Blockchain, one of the buzzwords in technology, is set to rise in China. Recently, Chinese President Xi Jinping underscored the fledgling technology as the country increasingly views Blockchain as key to future innovation. Has a digital game changer arrived? How will a boom in Blockchain impact our lives? Today we delve into the world of the new technology and talk to Don Tapscott, co-founder and executive chairman of the Blockchain Research Institute, to find out more.

https://youtu.be/DCLqWpXFE2o

Currency of Trust


Blockchain has the potential to be revolutionary. But, what hurdles must it overcome before it can hit the mainstream? In London, we invited Patrick McCorry, founder and CEO of PISA Research, a grant funded by a group of Blockchain companies, to decode this ever-changing world.

https://youtu.be/A2IDapvfUTM



https://youtu.be/41hPRCnUCtI

https://youtu.be/8H-pJ9hs9I4


Private cryptocurrency a misallocation among blockchain technology, says economist

Cryptocurrency is digital-based cash among the internet world nowadays. Born from blockchain, this kind of "currency" is blooming in terms of high privacy. Acknowledging that, Nobel Prize-winning economist and Harvard professor Eric Maskin commented that private cryptocurrency is a misallocation.

"The most important application of blockchain so far has been cryptocurrency, and that is a terrible misallocation. In my view, cryptocurrency, at least private cryptocurrency like bitcoin is a mistake," said Maskin.

"Because the public currency like RMB and U.S. dollar are much more useful than private currency. [Public currencies] they preserve the power of central banks to conduct monetary policy. If no one is using the dollar, then the U.S. monetary policy is useless. So I'm worried about cryptocurrency only to the extent that it reduces the use of currencies like RMB or dollar," he added.

He also pointed out that cryptocurrencies could interfere with central banks' monetary policies.

Meanwhile, Maskin supports the idea that blockchain is a technology. He noted that it is one of the exciting developments that have come along in recent years.

"Blockchain can make all sorts of transactions much easier and much more secure. It can also ensure that only the information that people need to have gets transmitted," said Maskin.

"Blockchain is a way for me to guarantee that only what you need to about me gets told. And that's valuable in a world where we're beginning to worry about privacy issues," the professor explained.

Besides, Maskin supports building the country's own digital currencies. With the backdrop of e-payment booming around the world, Maskin said the digital currency can make transaction easier but it won't have all of the unpleasant side effects of these private currencies.

Source link


Read more:

Blockchain with Chinese characteristics





Blockchain: Internet of Value/ Currency of Trust; Private cryptocurrency a misallocation among blockchain technology, say research & economist



  • Blockchain embodies the internet of value. How will it revolutionize our lives and our pockets?

  •  And, we look at the qualities Blockchain needs to spark mass adoption.


https://youtu.be/oJGVvJS0A0I

Blockchain, one of the buzzwords in technology, is set to rise in China. Recently, Chinese President Xi Jinping underscored the fledgling technology as the country increasingly views Blockchain as key to future innovation. Has a digital game changer arrived? How will a boom in Blockchain impact our lives? Today we delve into the world of the new technology and talk to Don Tapscott, co-founder and executive chairman of the Blockchain Research Institute, to find out more.

https://youtu.be/DCLqWpXFE2o

Currency of Trust


Blockchain has the potential to be revolutionary. But, what hurdles must it overcome before it can hit the mainstream? In London, we invited Patrick McCorry, founder and CEO of PISA Research, a grant funded by a group of Blockchain companies, to decode this ever-changing world.

https://youtu.be/A2IDapvfUTM



https://youtu.be/41hPRCnUCtI

https://youtu.be/8H-pJ9hs9I4


Private cryptocurrency a misallocation among blockchain technology, says economist

Cryptocurrency is digital-based cash among the internet world nowadays. Born from blockchain, this kind of "currency" is blooming in terms of high privacy. Acknowledging that, Nobel Prize-winning economist and Harvard professor Eric Maskin commented that private cryptocurrency is a misallocation.

"The most important application of blockchain so far has been cryptocurrency, and that is a terrible misallocation. In my view, cryptocurrency, at least private cryptocurrency like bitcoin is a mistake," said Maskin.

"Because the public currency like RMB and U.S. dollar are much more useful than private currency. [Public currencies] they preserve the power of central banks to conduct monetary policy. If no one is using the dollar, then the U.S. monetary policy is useless. So I'm worried about cryptocurrency only to the extent that it reduces the use of currencies like RMB or dollar," he added.

He also pointed out that cryptocurrencies could interfere with central banks' monetary policies.

Meanwhile, Maskin supports the idea that blockchain is a technology. He noted that it is one of the exciting developments that have come along in recent years.

"Blockchain can make all sorts of transactions much easier and much more secure. It can also ensure that only the information that people need to have gets transmitted," said Maskin.

"Blockchain is a way for me to guarantee that only what you need to about me gets told. And that's valuable in a world where we're beginning to worry about privacy issues," the professor explained.

Besides, Maskin supports building the country's own digital currencies. With the backdrop of e-payment booming around the world, Maskin said the digital currency can make transaction easier but it won't have all of the unpleasant side effects of these private currencies.

Source link


Read more:


China's central bank paves way for official digital currency to gain leading edge

China's determination to become a bellwether in digital currencies has never been clearer given its all-out efforts.

Blockchain with Chinese characteristics