Bitcoin in China: Fall Edition

I’ve discussed BTC and cryptocurrencies and their adoption in China before (here), time for a quick update.

A local channel out here called International Channel Shanghai (ICS) recently broadcast an English-based profile of BTC (and LTC) on its program called Money Talks (click here to watch it).

Overall its a fairly in-depth and accurate explanation of Bitcoin and doesn’t really devolve too much into scaremongering (though it does talk about all of the risks/regulations in the US and elsewhere).

According to the show there are now 14 exchange sites on the mainland that have been set up in the past 2 years (the two it mentions are BTCChina and 796.com).

The show found a professor (Yang Qing) at Fudan here in Shanghai who thinks that the government will be hands off for now because the overall market is very small.

They also interviewed another professor who errs as to why Bitcoin is not money: because there is no physical army backing it up.

Again, it is about 20 minutes and does a decent job of presenting it to the audience without fearmongering.  (FWIW, Bobby Lee, the CEO of BTCChina is the brother of Charles Lee, the creator of LTC who is over at Coinbase now, see this recent Wired profile on him).  Lastly, Jesús Huerta de Soto is name dropped at the end; for those of you unfamiliar with him, he’s an economist who has written a number of books on banking policies, credit and finance.

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