World Bank President: Everyone Is Excited About Blockchain, Not Bitcoin
President of the World Bank, Jim Yong Kim says everyone is excited for Blockchain technology, but rejects Bitcoin, compares to Ponzi schemes.
The president of the World Bank, Jim Yong Kim, was bullish about Blockchain technology when he spoke with CNBC during an interview. However, while expressing his positive views of the technology, he was quick to point out that there are risks when it comes to Blockchain technology derivatives like Bitcoin. When asked if the Blockchain based currencies were viable, he said:
"Blockchain technology is something that everyone is excited about, but we have to remember that Bitcoin is one of the very few instances [of Blockchain’s use in currency]. And the other times when Blockchain was used they were basically Ponzi schemes, so it’s very important that if we go forward with it, we're sure that it’s not going to be used to exploit.”
The decentralized model is what they are really afraid of. They want to create a state operated currency using the blockchain model which actually makes quite a bit of sense from their position :)
This is how we reach mass adoption. Decentralization is way too scary for most corporations and banks.
Yeaaap they re so afraid to lose control ..!