Zhou Xiaochuan, the former governor of China's central bank, said that cryptocurrencies could potentially serve the real economy during the Lujiazui Forum 2021 that kicked off in Shanghai on June 10.
However, he noted that it “would take time” for them to become a useful tool for financial development, Yicai Global reports.
The retired economist—who’s known as the father of China’s much-talked-about central bank digital currency—said that the digital yuan would push back against dollarization back in October.