Showing posts with label money. Show all posts
Showing posts with label money. Show all posts

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.

Friday, April 16, 2021

Turkey bans crypto payments

Turkey Bans Crypto Payments

Note that Turkey's government did not ban cryptocurrencies entirely. Turks can still own and buy a cryptocurrency as an investment or inflation hedge. But Turkey's government wants to keep a monopoly for its lira as the means of payment (or means of exchange). "Readers should note that Turkey’s latest ban does not stop Turkish citizens from trading cryptocurrencies. They can still buy bitcoin as a hedge against inflation."

"Citizens of countries facing high inflation and fiat currency crises, such as Turkey, have turned to bitcoin in the past few years, raising hopes of widespread adoption across the globe. Turkey’s inflation topped 16% last week, and its currency, the lira, has depreciated by 10% this year, having dropped by 24% in 2020.


Wednesday, April 14, 2021

Crypto Fearmongers Get Pushback From Former CIA Director

 Janet Yellen, Bitcoin And Crypto Fearmongers Get Pushback From Former CIA Director

I have heard of drug dealers with suitcases full of greenbacks. I haven't heard of drug dealers transacting on the streets with a cryptocurrency. 😊

Earlier on this blog: Janet Yellen on cryptocurrency