Posted on 03/14/2015 10:58:19 AM PDT by SeekAndFind
As if Zhou Xiaochuan didn’t have enough to worry about, the central bank governor now has a bitcoin problem on his hands.
In a new report, Goldman Sachs says the yuan is now used in 80 per cent of transactions into and out of the cyber currency, topping the US dollar, yen and euro. Given that the Communist Party’s highest priority is stability, and the rampant use of bitcoin represents nothing if not the opposite, it’s probably only a matter of time until Beijing tries to crack down.
It wouldn’t be the first time. In December 2013 – at a time when the yuan accounted for about 50 per cent of bitcoin transactions – Zhou clamped down hard on the nascent payment system, citing concerns that it was enabling money laundering and undermining capital controls.
(Excerpt) Read more at scmp.com ...
“It’s for your own good.”
I thought bitcoin was over and the founder took off with a lot of money. It’s back or did they jail a few people?
Bitcoin is probably extremely useful for the first purpose, and probably not a good fit for the second. The Chinese are probably using Bitcoin to move their money outside their country.
This really boils down to the fundamental question; “Who owns money?”
Apparently, Red China believes it is the government and not those who have created wealth. Tragically, it seems to be the same with all governments.
That is why we are charging headlong into a worldwide financial collapse and the massive war which inevitably follows.
There was no one “founder” as such who was in a position to steal anything. There have been bitcoin exchanges which have collapsed, most notably Mt Gox. But exchanges are not the creators of bitcoin
Someone stole like 2-3 billion or a half billion in bitcoin. Remember last year something about that in the news.
Anything that destabilizes the Red Chinese regime is a good thing.
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