Asia Market Daily: China's ICBC warns digital currency trust needs backing as UK court lets victims appeal $6B Bitcoin case (2026/10/21)
BTC when published $82,910Now $80,568 ▼ −2.82% since it was published
Industrial and Commercial Bank of China (ICBC) president Liu Jun delivered a pointed warning at the first Digital RMB Annual Conference during the 2026 Financial Street Forum: algorithmic design alone cannot make a digital currency credible. Speaking in Beijing, Liu argued that whether a digital currency can function as money hinges not on technical engineering but on how credit is supported, redeemed, and held accountable. He cautioned that if trust rests only on opaque technological black boxes without transparent oversight of underlying assets or algorithms, the credit system cannot stand. Liu also noted that while digital currencies open new possibilities for cross-border settlement, technology cannot conjure international status for a currency — the dominance of a digital anchor currency ultimately depends on comprehensive national power.
First reported by PANews. This page is a short excerpt; the full text is theirs.
