China Shows Why Bitcoin (BTC) Is Important by Quarantining Its Banknotes

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Sun, 02/16/2020 - 15:39
Alex Dovbnya
China sanitizing its money to stop the coronations is exactly why you need Bitcoin (BTC)
Cover image via freepik.com
Contents

In a move to prevent the spread of the deadly coronavirus, China has decided to sanitize its old banknotes, Bloomberg reports.  

According to many crypto proponents, China putting its money under quarantine is one of the many reasons why the world needs Bitcoin (BTC), a decentralized and permissionless cryptocurrency. 

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Bitcoin fixes this  

Stacy Herbert, a television presenter who co-hosts 'Keiser Report' together with early Bitcoin (BTC) adopter Max Keiser, tweeted that Bitcoin "doesn't get quarantined" when commenting on the news. 

Even though businesses are not allowed to refuse banknotes, China is steadfastly turning into a cashless society. Younger generations prefer mobile payments that are controlled by the duopoly of Alipay and WeChat Pay. 

Adel de Meyer, the co-founder of DAPS Coin, tweeted that it is necessary to get rid of the middleman in the era of digitalization. Apart from BTC, there are also privacy coins such as Monero (XMR) and Zcash (ZEC).   

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China to launch its own crypto  

Despite being responsible for 90 percent of the global payments market, China didn't hesitate to nip crypto in the bud by banning Bitcoin and other digital assets in September 2017. 

The People's Bank of China is now actively working to launch its own cryptocurrency that it will be able to control. As reported by U.Today, the PBoC teamed up with commercial banks and telecom operators to start testing it in Shenzhen and Suzhou.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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