PBoC director: we shall adopt a forgiving attitude towards Bitcoin
PBoC director: we shall adopt a forgiving attitude, not prohibit the exchanges for the time being & set an observation period.
CN regulators to research the properties of #bitcoin, explore managemnt policies for BTC exchanges at national level. Considers licensing
If the PBOC is competent here then they’ll extend heavier capital controls to Bitcoin via exchanges and miners under their jurisdiction.
The alternatives largely fit into the class of antagonizing the BTC ecosystem to the point where it becomes a black market in China that’s both considerably more aggressive and much harder to influence by legal means.
Not to mention it’s very much in the best interests of BTCC and others to encourage the former and provide the necessary expertise where local regulators lack it.
Here’s a question… While we might accept the premise that Bitcoin itself is “anti-fragile” in the Taleb sense of the term, are bitcoin markets similarly resilient?
Stated another way, considering how much events in China seem to be driving global bitcoin markets, I would be not be terribly bearish on the price even if the US started cracking down heavily. But if China does the same? Not sure…
If banking as a system were antifragile, then banks (the components of the system) would be fragile.
The system we currently have is where banks are robust due to government bailouts, and this makes the financial system itself fragile.