26 Jul '14, 9am

PBOC banking on collapse of the Dollar: What about Bitcoin?

PBOC banking on collapse of the Dollar: What about Bitcoin?

The next logical question that must be asked is “how does this affect Bitcoin?” Well, clearly the PBOC has come down hard against virtual currencies and why would they choose to do this? Now the PBOC is huge, it holds and controls reserves of $3.2 Trillion Dollars; it controls and regulates monetary policy, as well as all financial institutions in mainland China. I have previously written about Chinese money manipulation . Bitcoin is a currency that is, by definition, independent of all states and this does not suit China. Should there be a collapse of the dollar there is a possibility that Chinese workers could use the virtual currency to purchase imported goods, the bitcoins used for these transactions would have been purchased using Chinese currency, and that would affect China’s economic wealth by removing money from circulation. But it must be remembered that Bitcoin ...

Full article: http://www.cryptocoinsnews.com/news/pboc-banking-collapse...

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