Chinese Foreign Exchange Reserves Are Dwindling – Bitcoin Is An Alternative Way To Store Wealth

Chinese Foreign Exchange Reserves Are Dwindling – Bitcoin Is An Alternative Way To Store Wealth

Interesting things are going on over in China, as the country’s cash reserves are dwindling at an alarming pace. A recent report by the Chinese central bank indicated how there is only US$3.4 bn left in foreign exchange reserves, which is the lowest levels since the beginning of 2013. Getting funds out of the country is proving to be a difficult task, and Bitcoin seems to be the solution investors could be looking for. Even Chinese investors are looking for opportunities on an international scale, such as buying pricey art, real estate in the Western world, or even bonds in other....


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Quotes

The decision to bring virtual currency within the scope of our regulatory framework should be viewed by those who respect and obey the basic rule of law as a positive development for this sector. It recognizes the innovation virtual currencies provide, and the benefits they might offer society.

Jennifer Shasky Calvery, the director of the Treasury Department’s Financial Crimes Enforcement Ne