China's recent clampdown on Bitcoin: "Laws can't keep pace with technology"
Bitcoin prices fell significantly after China’s BTCC announced its closure of operations come September 30.
The announcement shows China’s latest attempt to impose control over the stateless currency within the nation.
“Laws can’t keep pace with technology” is a common saying used both politically and culturally. We believe that the two disciplines are too distinctive to be put into the same context.
China’s incredible and rapid fintech development within a rather short period of time shall not be shadowed or overlooked due to one incident with Bitcoin.
Source: “Bitcoin Losses Worsen as Chinese Exchange Closes” – WSJ