China banker says Trump’s Bitcoin plan contradicts his US dollar dreams as Hong Kong busts deepfake AI pig butcher scammers. Asia Express.
Wang Yongli, former vice president of the Bank of China, has criticized US President-elect Donald Trumps Bitcoin reserve proposal, arguing it conflicts with Trumps goal of maintaining the dollars global dominance.
Bitcoins decentralized nature offers no advantage to bolstering the dollars global status. On the contrary, excessive deregulation and hindering the development of a digital dollar could harm the dollar’s international position, Wang wrote in an opinion piece for Chinas state-backed financial magazine.
The former banker questioned the feasibility of establishing a national Bitcoin strategic reserve, warning that both a government or central bank Bitcoin reserve would pose significant risks and uncertainties.
He highlighted the limitations of the US Treasury Departments Foreign Exchange Stability Fund, valued at $206 billion as of the end of November, noting it would be insufficient to establish a meaningful reserve without incurring additional debt. He also said that seized Bitcoin Trump’s original proposal was to turn Bitcoin seized from Silk Road and other criminal enterprises into a stockpile should be returned to their rightful owners.
