Why Bitcoin Can Flourish in China
Aiga Gosh is researcher in international law at the China University of Political Science & Law. In this article, she briefly examines China's economic history, its currency controls and the rise of bitcoin in the country. China's monetary policy and currency has largely been in mess for a long time. Only in 1994 did China manage to set a unified, official exchange rate abandoning a dual system, with both a fixed and a market rate existing side-by-side. It has tightly controlled the flow of capital across its border, which has enabled Chinese authorities to steer the economy and control....
Related News
MMM rides on the wings of belief, greed and a failing economy to flourish in Nigeria despite its negative history and bad publicity as a Ponzi scheme. MMM is not welcome in China. Having been banned and cranked down in both China and South Africa, MMM has found a safe haven in Nigeria. Online money making ventures, whether genuine or not, seem to always find entry and acceptance within the Nigerian populace. Several systems have come and gone, with over 90% of them ending up as well orchestrated scams, yet every new entry finds a way of being embraced by Nigerians. “It is normal, any good....
BTC China has become the world's biggest digital currency exchange having handled a greater volume of bitcoins in the past week than Mt. Gox and Bitstamp. More than 109,841 bitcoins have been exchanged on the site in the past seven days, compared with 93,372 on Bitstamp and 76,673 on Mt. Gox, according to data from Bitcoinity.org. In the past 24 hours alone, BTC China has processed 36,104 bitcoins, compared with Mt. Gox's 24,913 and Bitstamp's 23,214. Bobby Lee, CEO of BTC China, said: "It's an honor to see that BTC China has been propelled ahead to number one in the worldwide rankings.....
The day has come, about an hour ago BTC China tweeted "Dear users, Due to regulations, we have suspended CNY deposits from Bank of China. For further enquiries, pls email: [email protected]." The news came as no surprise to most, as speculators have been claiming this day would come since China's first announcement in December. Some users on reddit even embraced the news, claiming that news from China would no longer cause large price fluctuations. FXBTC also announced Friday on their website that the site would stop operating and the site would be open until May 10th, 2014. Bitcoin....
Art and design will flourish under a bitcoin standard as time preference extension happens on a mass scale.
Dear Bitcoin China (BTC China) Users: Recently, due to third-party payment companies in China disrupted and Bitcoin (BTC China) recharge channels, resulting in China Bitcoin (BTC China) is temporarily unable to provide RMB prepaid services. In this regard, on behalf of China Bitcoin (BTC China) expressed deep regret for the inconvenience, please understand. We are actively seeking other recharge methods. Currently, in addition to recharge RMB, the yuan withdrawals, recharge and withdrawals Bitcoin service as usual, may be slightly delayed during peak hours. We have enough for the user bits....