An Economist and Financial expert, Christopher Jing PhD, has fired back at pioneers forecasting PiCoin to become a global single currency.
The Economic expert expressed that, strict regulations guiding the use of currencies have been enacted in all nations and wondered how a non-governmental currency could overthrow all fiat currencies.
Currency control is very strict in all nations.
In China, companies, banks and individuals must comply with a “closed” capital account policy. Money can’t be freely moved into or out of the country unless it abides by foreign exchange rules.
Pi could be prohibited in China.
— 金博士频道 GOLDENCHANNEL π (@christopherjing) September 21, 2022
Christopher said, companies, banks and individuals in China have been mandated to comply with a “closed capital account policy”, so money can not move freely in or out of any country except it complies with the foreign exchange rules in that country. For this, he feared PiCoin as a crypto asset stand the risk of being banned in China.[irp]
In a separate tweet, the economic expert regretted that pioneers got him wrong or misquoted his tweet thinking he wished Pi Network to fail:
“I have no reason to hope Pi to fail but every ego to dream it to succeed.
I just help all pioneers to figure out how to avoid the failure and make success.
Unfortunately, most pioneers fall in love with untruths, don’t listen to me and reject challenges.”
https://twitter.com/christopherjing/status/1572523841678868480?t=NHxK5V8gqJLljZj92Mp6rg&s=19
PiCoin is a cryptocurrency, this is a fact that can not be disputed by pioneers and cryptocurrencies are not regulated by any government. No government can replace it’s fiat currency with a cryptocurrency.
In case you are not aware
A cryptocurrency is a digital currency, which is an alternative form of payment created using encryption algorithms. The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system. To use cryptocurrencies, you need a cryptocurrency wallet.
Fiat money is a government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it.