Who Knew?

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There are reports that Bitcoin is down 35% in China.

There might be a tiny handful of people on China’s East Coast using Bitcoin (the Bei-Shan-Guo techies and fashion people), but I’ve never heard anyone here talk about it. And I know a lot of people, but that is not difficult in populous China.

What has caught on is the use of Alipay and WeChat pay. People often pay me for editing by transferring RMB into my social media WeChat account. Most of it remains there and I use the cellphone to pay for things. Even fruit vendors on the street and taxi drivers have bar codes. But it is possible to¬†transfer money back into one’s home bank account, ICBC in my case.

Most major banks in China offer a rather unique service. People can keep separate checking and saving accounts (in the same master account) denominated in Hong Kong dollars, Macao’s money (the Macanese pataca), US dollars, and perhaps even Taiwan dollars, although I’m not sure about that last one. I should take a photo of the ATM screen next time.

China is actually better positioned than the US or the EU to transition – if it ever chose to do so – into a system of “multiple currencies,” which I think is the ideal state of affairs for many reasons, and I will repeat those reasons some other time.

Bitcoin is irrelevant in China, is how this post started out…


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