China’s lust for scarce resources
More than six months has passed since China first banned Bitcoin, and more than three months since its Central Bank banned it for the second time. While merchant adoption has drastically slowed, Bitcoin is still traded actively in China. As our source in China has pointed out, the Chinese Bitcoin market survives in an equilibrium state of being too small to be fought officially but large enough to experience some indirect pressure from the PBOC. In this article, Zhang Weiwu explains why the Chinese are interested in virtual currencies – and what the difference is between their and Westerners’ approach to Bitcoin. from Zhang Weiwu Let me take you back to the time when my mother dusted off my high school English notebook to amuse my wife. I was 15 years old when I wrote in it, and was [...]