Online:
Visits:
Stories:
Profile image
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

After Years of Vilifying Bitcoin, Now the Mainstream Media Sees it as a Savior for China’s Monetary System

Wednesday, March 1, 2017 13:10
% of readers think this story is Fact. Add your two cents.

(Before It's News)

by Kenneth Schortgen, The Daily Economist:

First they ignore you, then they laugh at you, then they fight you, then you win. These were the words of a famous revolutionary who used non-violent protest as the means to overthrow the British Empire from its hold over India.

Now in 2017 there is another revolution going on that is for the future of the world’s money. And where even as recently as three years ago the mainstream establishment media was both scoffing at and vilifying the advent of crypto-currencies and those who embraced them, on Feb. 27 that same mainstream media is now hailing Bitcoin as the potential savior for the monetary system of the world’s second largest economy.

China’s new bank regulator, Guo Shuqing, is by all reports the reformer the second-biggest economy desperately needs. His 17 months as stock market watchdog served up so many directives so rapidly that traders called him “Whirlwind Guo.”

He arrives on the banking scene at a moment when China’s financial system is in a whirl of its own. The immediate challenge – murky, debt-laden banks threatening China’s economic outlook – is well known. But a longer-term threat, an existential one, is landing along with Guo: a Chinese government version of Bitcoin that makes you wonder if the nation will even need banks in 10 years.

In creating its own cryptocurrency, Beijing is taking the whole if-you-can’t-beat-them-join-them concept to new heights. Earlier this month, the People’s Bank of China sent shockwaves through Bitcoin circles by halting withdrawals and bringing the heads of cryptocurrency exchanges in for a good talking-to. Then last week, the PBoC announced it’s going digital in a big way. As China mints its own block-chain medium, will it ban Bitcoin transactions? Given the tight correlation between zigs in the yuan and zags in Bitcoin values, the PBoC’s entry could be a game changer – and not necessarily for the worse. – Barron’s

Read More @ TheDailyEconomist.com

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories
 

Featured

 

Top Global

 

Top Alternative

 

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.