China has embraced bitcoin and is now reacting to the upheaval from competing currencies that can dilute it and offer safe-havens for tax cheats. Sixty-five new crypto-currencies have appeared and now China is setting up new regulations for them. They may even ban them altogether. The anonymity these new financial alternatives offer, coupled with the loss of control from the central bank may prove to be a threat to China’s tight grip on it’s populace.
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