When people mentioned getting rid of paper money last year, it was within the context of decades. But now it seems more like a matter of years or even months before a purge starts in earnest.
India has already said it wants to replace paper money with digital currency and China has said the same thing.
Chinese regulators reportedly are supportive of bitcoin and cryptocurrency – but this only means it wants to convert the currency and then bring in something more rigid and controlled by central banks.
The blockchain community is cheering on these evolutions but China is a communist country and there is no way in the long term that it will allow truly private money to exist.
But right now the ability to include bitcoin and other currencies is positive because it allows China to re-position its currency. Later on, the currency will be reduced as central banks bring on their own versions.
Between India and China a large portion of the world’s wealth is already on the way to a digital format. The movement actually started in the West, but China and India are going first. In many ways that is what usually happens, also Africa.
Private money is just one step on the way to something that may well be a good deal more restricted.
blockcitynews.com