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China is turning its attention to Bitcoin and generating massive amounts of Bitcoin as concerns grow over the vulnerability of the global financial sector says Chairman of China Smartpay Group.
A recently published article of Joe Zhang’s in the South China Morning Post highlights the fact that while the Chinese government is cautious about Bitcoin there are in fact plenty of active exchanges in the country with a large number of Chinese individuals taking part.
Zhang, however, states that there are two points, which are interesting to look at. Namely that China is an overbanked country providing banking access to the rich and poor where it only takes ten minutes to open a bank account, and Chinese banks and post offices provide good services for money transfers.
It’s hard to imagine Bitcoins enabling cheaper and more efficient money transfers.
Of course, he states, there can only