CHINA OPTS FOR VIRTUAL CURRENCY REMOTE CONTROL

Apparently eyeing virtual currency potential to reshape world finance hopefully more outside US influence, China has more or less resorted to remote control of VCs trading within its juicy market.

According to media reports and website announcements, major VC exchanges in China will start charging 0.2% trading fees on each transaction from tomorrow, Tuesday, January 24, 2017.

The exchanges are Bitcoin, Houbi and Okcoin. A fourth exchange, Yunbi is also reported to be set to apply fees on bit coin trades

On the surface, the exchanges claim charging fees is an attempt to help stabilise trading and avoid market manipulation.

"The exchanges" BTCC CEO, Bobby Lee reportedly declared "got together and said let's do this".

But it is very much in line with the expressed wishes of the People's Bank of China and so, point to some remote control. The Chinese central bank had not hidden its interest in VC exchanges though.

Meanwhile, Nobel winning economist, Joseph Stieglitz, has urged the United States of America to set new pace by digitising its currency in place of store of value and unit of exchange by Fiat that is all of the world's currencies currently.

He expressed these views at the World Economic Forum in Davos Switzerland.


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