China’s BSN chair calls Bitcoin Ponzi, stablecoins 'fine if regulated'
— Fine, Chinese, Cryptocurrencies, Stablecoins, China, Bitcoin, Market, Bsn, Ponzi, Chair, Calls, Crypto, Chinas, Regulated — 1 min read
Yifan He, CEO of Red Date Technology, a major tech firm involved in the development of China’s major blockchain project, the Blockchain Service Network, has penned a new article. The piece refers to private cryptocurrencies as the “biggest Ponzi scheme in human history” He also criticized the increasingly popular virtual currency concept known as X-to-earn. The exec also mentioned some well-known criticism of Bitcoin by Microsoft founder Bill Gates and legendary investor Warren Buffett. He still believes that some part of the crypto market could be doing just fine if it's properly regulated. The news comes amid the Chinese government capitalizing on the ongoing crypto market crash to justify its multiple bans on the industry. The latest coordinated ban was enacted in September 2021 Source