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Director of the WBO: most cryptocurrencies are made of air

As stated by Zheng Xioajun, the director of the World Blockchain Organization (WBO) at the Jeju Technology Conference in South Korea, most of the currently existing cryptocurrencies are “air coins” and their value will inevitably drop to zero.

Zheng Xiaojun believes, that a truly valuable currency should undergo the endorsement of assets and be recognized by financial authorities. In his opinion, Bitcoin dos not satisfy these conditions as well.

At the same time, he said that the current cryptocurrency market is a great booster for the blockchain technology development, while calling for the entire cryptocurrency market to require state regulation.

China has been cracking down on cryptocurrency and ICO market since 2017. The country, nevertheless, remains the world’s leader in the number of blockchain patent filings.

This news was provided by sanyanblockchain.com, our partnering media source in China.