Bitcoin Gets QQ Coined in China: PBOC and Regulatory Commissions Statement Highlights

On the PBOC’s website in Chinese, the PBOC, China Banking Regulatory Commission (CBRC), China Securities Regulatory Commission (CSRC), and China Insurance Regulatory Commission (CIRC) have together issued in a joint statement the following highlights of what it forbids: 1.  《通知》要求,现阶段,各金融机构和支付机构不得以比特币为产品或服务定价,不得买卖 Translation: Notice: Requiring at the present stage, every financial institution and payment institution cannot set[…]

PBOC States Bitcoin Cannot Be Circulated in the Market, Calls Bitcoin a “Fictitious” Currency

This line covering Yi Gang and the PBOC announcements alters the legal structure of Bitcoin more from the gray and more into the black: From 中国人民银行等五部委发文,要求防范比特币风险。通知明确表示比特币是一种特定的虚拟商品,不具有与货币等同的法律地位,不能且不应作为货币在市场上流通使用。 Translation: The People’s Bank of China has issued a statement requiring guard and wariness regarding Bitcoin’s risk. In a clear notification statement, Bitcoin is a type of particular[…]

Global Currency Flows

A Look at Digital Currency in the Global Monetary System

By Keith Hilden We currently find ourselves in quite the economic quandary. Controlling banking interests are seeking increasingly cashless transaction systems. Various anti-cash legislation actions coupled with a media blitz towards a cashless society acts as supporting material for this shift towards an increasingly digital monetary system. At the same time, a patchwork group of[…]