China to ban bitcoin/renminbi exchanges

preserving the sovereignty of the renminbi (Getty Images license)

     Yesterday it was reported that China plans to ban domestic bitcoin/renminbi exchanges. Will this help prepare the way for the eventual introduction of the virtual fiat renminbi (by decreasing the influence of private cryptos)?

     A week ago, China also banned domestic ICOs. Will these policy decisions persuade other governments to crack down on cryptos to assert central control?

     It seems that China has a greater incentive to regulate cryptos because it has been developing and testing the virtual fiat renminbi. 

     For detailed analysis of this news, see https://www.emergingtechlaw.org/analysis/a-clash-of-coins820179 

#Virtualmonies #virtualfiatcurrency