Interesting things are happening in the world of traditional finance these days. China, while often seen as a prosperous economy, has received a stern warning from the IMF. The country needs to address their corporate debt levels before things spiral out of control. This will put a lot of pressure on entrepreneurs and corporations, which may cause citizens to flock to Bitcoin in the long run.
China is one of the many countries in the world today dealing with a growing pile of corporate debt. This is not entirely surprising, as the country has gone through some very difficult times as of late. Furthermore, the government and PBOC continue to devalue the Yuan to create economic wealth by pumping more funds into the local economy.
The Chinese Economy Is Hurting Due To Corporate Debt
Unfortunately, none of these measures is sufficient to please the IMF. Not too long ago, the International Monetary Fund was considering to add the Yuan to its basket of reserve currencies. In doing so, the IMF would elevate the status of the Yuan to one of the very few global currencies in the world.
Ever since the financial trouble started brewing in China, however, those
Read more ... source: NewsBTC USA
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