The most promising aspects of digital assets—transactional speed and freedom, financial inclusion, and most of all anonymity—are antithetical to Chinese Communist values. And yet, in many respects, China has taken the lead on investing in this burgeoning technology.
Financial authorities across Southeast Asia are embracing blockchain technology and digital currencies as a way of helping the poor get better access to banking services that can help lift them out of poverty, as well as speeding and improving interbank payments and cross-border settlements.
Last week’s run-up in Bitcoin prices seemed like it would remain a mystery. Now comes word that China is contemplating a ban on mining and it all starts to make sense.
A Japanese court handed Mt. Gox founder Mark Karpelès a suspended sentence for tampering with financial records, but acquitted him of the far more serious charges of embezzlement and breach of trust on March 15.