Economist and financial expert Dr. Christopher Zinn has refuted pioneers who predicted that PiCoin would become the single global currency.
Economists expressed that strict regulations on the use of their currency were being introduced in all countries, and wondered how a non-sovereign currency could overrule all legal tender.
According to Christopher, Chinese companies, banks and individuals must abide by a “closed capital account policy,” meaning money cannot flow freely in and out unless it complies with the country’s foreign exchange regulations. But he feared that PiCoin as a cryptocurrency could be banned in China.
In another tweet, The Economist regretted that Pioneer had misinterpreted or misquoted his tweet because he thought he wanted the Pi network to fail.
“I have no reason to hope Pi to fail but every ego to dream it to succeed.
I just help all pioneers to figure out how to avoid the failure and make success.
Unfortunately, most pioneers fall in love with untruths, don’t listen to me and reject challenges.”
PiCoin is a cryptocurrency, a fact Pioneers cannot dispute, cryptocurrencies are not regulated by any government. No government can replace fiat currency with virtual currency.
For your information
A cryptocurrency is a digital currency that is an alternative form of payment created using cryptographic algorithms. By using cryptographic technology, cryptocurrencies can function both as currency and as virtual accounting systems. To use cryptocurrencies, you need a cryptocurrency wallet.
Fiat currency is government-issued currency, backed by the government that issued it rather than a physical commodity like gold or silver.