Cryptocurrencies Are For The Underground Economy — Taiwanese Billionaire Businessman Terry Guo
Taiwanese billionaire Guo Taiming has trashed cryptocurrencies, labeling them as only befitting the underworld. Speaking in a recent interview with the Economic Daily, the Hon Hai Precision Ltd founder said that he failed to understand the whole “virtual currencies” topic and its decentralization claims. “Currency can never be decentralized, so the central bank will not open it. Virtual currency is a fake topic, only the underground economy. Will use virtual currency.” He said. According to him, while the concept of decentralization is very important when used with industrial production and health information, currency decentralization was not possible especially when it comes to global finance. “Mainstream monetary finance will not be able to be decentralized, and some virtual currencies will form a form of assets, but global finance cannot be replaced by a decentralized approach,” he added. Although Gou later took to Facebook to clarify his claims, he noted that the attempt to integrate virtual currencies into the lives of the general public before first integrating it with the real economy was the beginning of the end of cryptocurrencies. “Cryptocurrency and NFT fulfill the transaction needs in the virtual world, but moving forward they need to be incorporated into the real world and the real economy to