Yao Qian: Virtual currency lacks value support, and there must be a process of “de-virtualization” in the future.

On May 5, Yao Qian, former director of the Central Bank's Digital Money Institute, said that the fundamental difference between so many currencies in the world lies in the value support behind it rather than coinage technology. I believe that the existing thousands of cryptocurrencies, while pursuing geek technology, will gradually realize this: the current economic society is a highly developed credit economy, and the "bitcoin" with defective currency issuance and management functions. The core problem is that such “transferable digital assets” are difficult to build their own value support system. Therefore, the fundamental flaw of the current virtual currency lack of value support must be corrected.