[2017-02-24] Mint: Even Chinese central bank can’t kill bitcoin

Even Chinese central bank can’t kill bitcoin

http://www.livemint.com/Opinion/2V82bOW3oJyxZ3hyOCenYK/Even-Chinese-central-bank-cant-kill-bitcoin.html

Every time a government sets out to abolish something people like, the well-liked thing moves to where it can’t be stopped. This has happened with prohibition, gambling, the war on drugs and digital piracy. Now it’s happening in China, where the government has been trying to crack down on bitcoin.

As part of an effort to control capital outflows, the Chinese central bank required bitcoin exchanges to suspend withdrawals until they could update their compliance systems. Trading on the exchanges took a big hit, but the bitcoin activity resurfaced on less formal over-the-counter venues. Here’s a chart showing trading volume at LocalBitcoins, a site where users post “advertisements”—like on Craigslist—to buy or sell bitcoin for local currency:

Topic: [2017-02-24] Mint: Even Chinese central bank can’t kill bitcoin (Read 989 times)