BTC - China is literally laundering its money right now...
And they were worried about money laundering and bitcoin!
In China right now the PBOC announced measures to try and slow the spread of the coronavirus.
One of those measures has to do with something people use pretty much on a daily basis...
Money.
The idea is for banks and others that handle cash on a daily basis to disinfect and quarantine chunks of money in order to slow the spread of the virus.
(Source: https://twitter.com/crypto_rand/status/1229727838019956738)
In some places where infection rates are high, some money has even been destroyed
In high risk areas, instead of just disinfected, money is being destroyed upon government order.
Again, the idea is to slow the spread of the deadly coronavirus that has now infected over 80,000 people and killed over 2,000.
The mortality rate is somewhat low compared to SARS, but the ease of transmission is worrisome.
It spreads much more like a flu virus, but is 100-200 times more deadly than the common flu viruses.
How are they disinfecting you may be wondering?
According to a government press release, they are disinfecting money with ultraviolet light and high temperatures, then storing it for seven to 14 days before releasing it to customers.
(Source: https://www.cnn.com/2020/02/17/asia/china-is-disinfecting-cash-coronavirus-intl-hnk-scli/index.html)
This is yet another reason why bitcoin matters...
Stuff like this is exactly why bitcoin matters.
It can't give you the coronavirus!
I joke, but seriously, the fact that bitcoin cannot be easily destroyed and the fact that central banks can't just hold your money hostage for 2 weeks like they are doing right now in China, is exactly why bitcoin matters.
Part of the strength we are seeing in bitcoin likely has to do with people getting their money out of China and into something they can move easily.
My condolences go out to those affected by this terrible disease and hopefully they can get it under control very soon.
In the meantime, bitcoin continues to prove its use cases.
Stay informed my friends.
-Doc
Lol literal money laundering.
Scrubbing that money clean!
I was thinking "How can you launder money being a government? Doesn't it really just becomes regular money once issued even if corrupt?" and then it hit me...
I have a huge feeling this might make more people from China opt in for bitcoin and might contribute more to bitcoins price going higher...
Yea I think that has been a major driver for bitcoin prices over the past month.
It's crazy hey! I wrote about this yesterday too!
Yea, I think it was officially announced early Monday morning, my time anyways.
Actually, China doesn't need so much cash, people are using alipay or wechat pay. You will be scorned in China if you use cash. People would think you come from a low civilized place if you use cash....
Yep, I did read that as well. Regardless of whether people are using much actual fiat cash, the government has still ordered banks and those that deal in cash to take these measures.
China had forced mining pools to shut down.
Which time?
Hi Dear Friend @jrcornel.
It is surprising this new action of the Chinese government to control the spread. But this can give us an idea that they are really taking it seriously.
Considering that Chinese citizens live a world of technological possibilities which they use daily for payments of goods and services, it is curious to know that so much cash is still handled.
Chinese citizens use their cellular devices practically for everything. In stores and shops you can pay simply by approaching the cell phone to another device.
But as we can see, a lot of cash is still used. I imagine it should be used in local markets where not much electronic payment technology is still implemented.
Thank you for sharing this interesting news.
All best, Piotr.