A new report from the United States-China Economic and Security Review Commission (USCC) has been published [direct link], and it’s all about bitcoin in China.
Specifically, the report dives into bitcoin’s uncertain future in China — a topic we’ve been hearing plenty about over the past few months.
There’s been rumors, shut-downs, and mostly uncertainty — all with mostly negative effects on the price of bitcoin.
[blockquote style=”2″]Bitcoin is changing the way the world thinks about money, and its impact is growing, especially in the United States. The driving force behind Bitcoin’s explosive growth in 2013 was the entry of the Chinese market, while Bitcoin’s subsequent slump in 2014 is largely derived from prohibitive measures issued by China’s central bank. If Chinese authorities continue their crackdown on Bitcoin, the global market and, by extension, the U.S. market, may be severely impacted.[/blockquote]
You’ll find a slew of information in the report, including a breakdown of recent events (with relation to bitcoin, of course) that have transpired in the country, effectively leaving bitcoin exchanges isolated from traditional financial institutions.
For your review, here is a copy of the report:
Despite the chaos, China is seen as a huge talking point in the bitcoin community for one main reason: the Chinese people helped bitcoin grow, and they certainly helped the digital currency gain traction.
In late 2013, the Chinese began mass-buying bitcoins — eventually driving the price upwards of $1000 at some exchanges.