Monday, April 19, 2021

China's government's view of cryptocurrency

https://www.cnbc.com/2021/04/19/china-calls-bitcoin-an-investment-alternative-marking-shift-in-tone.html

China's government did more or less what Turkey's did. It regards Bitcoin and other cryptocurrencies as "investment alternatives" but not "currencies per se." In other words, one can be a "store of value" but not a "medium of exchange." The usual meaning of money is something that has both properties.

Wikipedia: "The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Any item or verifiable record that fulfils these functions can be considered as money."

China's government wants its yuan to have a monopoly on money.

1 comment:

  1. Hey,
    Thanks for sharing this blog its very helpful to implement in our work



    Regards.
    Hire a Hacker

    ReplyDelete