Everyone is Excited About Blockchain’, Bitcoin Price ‘Too Expensive’: World Bank President

October 16, 2017 7:59 pm Published by

While praising blockchain technology in one instance, the president of the World Bank has expressed skepticism of the current valuation of bitcoin prices, Cryptocoinsnews.com reported Monday.

Speaking to CNBC in an interview, World Bank president Jim Yong Kim encouraged the potential of blockchain technology in the financial sector, the report said, before adding cryptocurrency blockchains should been treated with caution.

“The blockchain technology is something that everyone is excited about.” –  World Bank president Jim Yong Kim

He continued: “But we have to remember that bitcoin is one of the very few instances and other times that blockchain was used – they were basically ponzi schemes. It’s very important that if we go forward with it, we’re sure that it’s not going to be used to exploit.”

Kim then went on to plug existing centralized FinTech payment platforms, the report said, citing Chinese e-commerce giant Alibaba’s hugely popular payments platform, Alipay.

Comparing Alipay to cryptocurrencies powered by blockchain, he said:

“Alibaba has a very different approach. They keep all the data. They’ve been able to move capital so quickly in China. It takes 3 seconds…3 seconds, to transfer as much $160,000 to anyone who is a part of the Alibaba network.

Kim, however, didn’t say if he bought bitcoin at its recent price highs after scaling above $5,000, the report said.

The World Bank official did agree with IMF chief Christine Lagarde’s opinion on the current valuation of the cryptocurrency.

Kim went on to plug existing centralized FinTech payment platforms, citing the example of Chinese e-commerce giant Alibaba’s hugely popular payments platform, Alipay.

Comparing Alipay to cryptocurrencies powered by blockchain, he stated:

Alibaba has a very different approach. They keep all the data. They’ve been able to move capital so quickly in China. It takes 3 seconds…3 seconds, to transfer as much $160,000 to anyone who is a part of the Alibaba network.

Kim didn’t say if he bought bitcoin at its recent price highs after scaling above $5,000.The World Bank official did agree with IMF chief Christine Lagarde’s opinion on the current valuation of the cryptocurrency.

Yeah, it’s very expensive, he said.

WN.com, Jack Durschlag

 



Have your say:

Your email address will not be published. Required fields are marked *

*