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Former Bank of China Vice President Wang Yongli: Bitcoin cannot be a real currency

Sina Finance News September 5, 2018 China Financial New Youth Incubation Conference and Value Cube Brand Conference was held in Beijing, focusing on financial pre-employment training. Wang Yongli, former vice president of the Bank of China and chairman of the China Cultural Finance 50 Forum, said at the meeting that Bitcoin ’s “virtual currency ”, which is completely virtualized by gold , cannot be a real currency. The digital currency dominated by the central bank can only be legal tender. Digital and intelligent.

Wang Yongli believes that the current systemic risk of China’s finance is very obvious, but financial talents’ understanding of monetary finance is far from enough. The development of New China is short, but the development speed is very fast, and there are problems such as lack of experience. Since 2006, the history of China’s financial marketization management has been very short, and the grasp of monetary finance is still not in place. The experience of risk cognition and crisis response is not rich enough. The rapid development has made great achievements, and there are still many problems left. Resolving major financial risks has become the first of the three major battles.

Speaking of virtual currency, he said that Bitcoin mimics the completely virtual “cryptocurrency” of gold, which cannot be a real currency. The digital currency dominated by the central bank can only be digitized and intelligentized. Finance is the hub of modern economic resource allocation. Currency is the foundation and soul of finance. Liquidation is the meridian and blood of monetary finance. Monetary and financial is a virtual economy, and it is necessary to adhere to the purpose of serving the real economy.

For example, Guan Qingyou, dean of the Financial Research Institute and former vice president of Minsheng Securities, said that under the entire financial down cycle, production capacity and personnel are shrinking. The quality of employees is bound to be a process of big waves, and competition will become increasingly fierce. In this context, from the perspective of career development, it is especially important to improve your professionalism.

Lin Yixiang, chairman and general manager of Tianxiang Investment Consulting Co., Ltd. said that the growth of talents not only refers to the study of professional knowledge, but more importantly, the awareness of professional ethics and laws and regulations, and to be a comprehensive quality person. Financial talents must not only consider the current profession, but also consider it for the next 30 years, and consider it for their future career development.Just like analyzing stocks, we must not only look at the company’s indicators, but also the situation of the entire industry and understand the domestic and international events of the economy, society and politics.

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He Zhiyi, professor of Peking University Guanghua and chairman of the Xinhuadu Business School, believes that the financial industry is the best student gathering place. The history of higher education in China is far more than 120 years, dating back to BC. Therefore, Chinese students must have cultural self-confidence, and Chinese finance will not always follow the developed countries. There must be Chinese-style innovation.

Tang Ya, an associate professor of finance at Peking University, said that financial practitioners should build a financial thinking system. As a financial talent with a good educational background, it is necessary to use its own logic to analyze the financial phenomenon and see what its nature is, whether it is suitable for the actual situation of today’s social development, and whether it is consistent with your intuition. When faced with the public, it is necessary to speak out the extremely serious logic in plain language and achieve an upgrade in understanding.

At the conference, the financial partner & value cube founder and CEO Chen Lijun officially released the new brand “Value Cube” to the community. At the conference, two public welfare projects, namely the Financial New Youth Program and the Leaders Program (Four Phases) for financial youth and finance students, were also launched.

This article is writing on 10 Sept 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: [email protected] Or Whatsapp Us- +13098896258

 

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