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Everyone is excited about Blockchain, but not Bitcoin

The president of the World Bank had several positive points to say about blockchain during a media appearance yesterday.

14.Oct.17 6:23 AM
By Daria Zaytseva


Everyone is excited about Blockchain, but not Bitcoin

Speaking to CNBC, Jim Yong Kim said that technology is "what everyone is excited about", the statement that he followed up with the warning argument about cryptocurrencies.

"Blockchain technology is something that everyone is excited about, but we have to remember that bitcoin is one of the very few instances. And the other times when blockchain was used they were basically Ponzi schemes, so itís very important that if we go forward with it, we're sure that itís not going to be used to exploit," he told the network.

The World Bank - a financial institution that provides money to national governments - is no stranger to blockchain. Last summer, it launched a laboratory for the development of blockchain and supported research projects that seek to apply technology in areas such as capital formation.

As the interview progressed, Kim's views on Bitcoin became clearer as he compared it with the Chinese giant Alibaba, in terms of speed and accuracy of transactions. He noted that with Alibaba, a transaction of $ 160,000 took only three seconds, and the company was able to assess the creditworthiness of the transaction during that time. It is implied that Bitcoin is not needed if legacy models can do similar things.

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