Observation: As Rigid Rules To Prop National Currencies Fail, Bitcoin Gains Favor
Daniel Jennings, a contributor to Seeking Alpha, claims that rigid currency rules in some countries, such as China, Egypt and Zimbabwe, are pushing demand for bitcoin, boosting its price. He says national currencies may no longer be viable in some countries. Many financial observers (Jennings cited Zero Hedge’s Tyler Durden, a financial blogger) have attributed bitcoin’s recent price rise to actions in China, where the government limits the amount of money people can transfer out of the country. China: The ‘Tip Of The Iceberg’. China, however, may only be the “tip of the iceberg,”....
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The National Assembly of Ecuador has effectively banned bitcoin and decentralized digital currencies while establishing guidelines for the creation of a new, state-run currency. With 91 votes in favor of the amendments to the country's existing monetary and financial laws, the National Assembly approved a bill that now goes to President Rafael Correa for signature. The law gives the government permission to make payments in 'electronic money', but decentralized digital currencies like bitcoin will now be prohibited. The proposed electronic money is to be backed by the assets of the Banco....