2021年5月31日，央视外语频道，中国国际电视台新闻记者王乃仟就“Will China’s cryptocurrency ban spark a global crypto crisis? ”话题，对蔡维德教授进行了专访。蔡维德教授创立了中国首个高校区块链实验室“北航数字社会与区块链实验室”，更是全球首家高校区块链研究机构“伦敦大学学院区块链研究中心”（UCL CBT）的科学顾问。
Editor’s note:Chinahas been tightening its regulation over cryptocurrencies. A recent move hasbeen its ban on financial institutions, including banks and online paymentchannels, from providing services related to cryptocurrency transactions. Whatdoes China’s crackdown mean for crypto in the country? Why has China tightenedits regulation of cryptocurrency? How might China’s ban affect the worldcryptocurrency market?
Tsai Wei-Tek, a blockchain expert, a professor fromBeihang University shared his views.The views expressed in the video are hisown and not necessarily those of CGTN.
CGTN:What does China’scrackdown mean for crypto in the country？
Tsai:Theannouncement means that China is trying to significantly reduce the relevantactivities in the country. And this includes any crypto transactions andmining. So practically, it shuts down the whole industry.
CGTN:Why has Chinatightened its regulation of cryptocurrency?
Tsai:At thistime not only China, but a lot of other countries are also trying to ban thesecryptos.There are several reasons that governments would like to ban thesecryptocurrencies. One of the reasons goes to the volatility of them. The secondis that these cryptocurrencies’ market cap has gone up so much which is biggerthan their largest bank in the country. So they will have a lot of economicinfluence on the country.
One needsto remember that these digital currencies are not national currencies, butinternational currencies. Therefore, if a significant portion of the economicactivities belong to the international activities, this country will be undersevere international influence.
And manycountries may not want that.
The InternationalMonetary Fund has published a report in October 2020 that said that thesecryptocurrencies are international activities and many countries will be understress or influence of them.
There isalso another scenario. An article in the United States stated that thecryptocurrency such as Bitcoin may become the world reserve currency. If thishappened, the whole financial market structure will have to be changed.
It meansthat we will have a new Bretton Woods. We will have to go back to 1944 andreconstruct the new world financial structure. I’m not sure the world is readyfor it. It’s too complicated and have too much stress. The world is not readyfor any of this.
CGTN:How might China’sban affect the world cryptocurrency market?
Tsai:If theChinese government bans mining and then the transactions, it will certainly puta significant damage to the acceleration or the growth of thesecryptocurrencies.
This willcertainly put a lot of restraints on the cryptocurrency price and volatility.But I’m not sure that the cryptocurrency will be dead by this. There areseveral reasons for that.
First ofall, in 2008, when the U.S. was having a financial crisis which eventuallybecame a global financial crisis, many banks may have failed, or would havefailed. But the government said that these banks are too big to fail. If youlook at the current bitcoin market cap, it is about double of the JP Morganmarket cap. JP Morgan is the largest bank in the U.S.
So, ifBitcoin market cap becomes zero, practically we have two banks, the two biggestbanks in the U.S. completely collapse. And the economic consequence of that istoo serious. And it will damage a lot of things. So I do not expect that thecrypto world will collapse totally due to this.
据欧易OKEx数据显示，发文时比特币价格：36033.74USDT DNotes Portion First ZERO UCL CBT Double BLOCKCHAIN BitUP Current