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Title: Bitcoins could save Greece: Chinese bitcoin platform founder
Source: [None]
URL Source: http://www.wantchinatimes.com/news- ... spx?id=20150709000087&cid=1102
Published: Jul 10, 2015
Author: staff
Post Date: 2015-07-10 01:50:53 by Tatarewicz
Keywords: None
Views: 16

News Economy Want...

Bitcoins could be the savior of the Greek debt crisis, says Xu Mingxing, founder of OKCoin, one of China's largest bitcoin exchange platforms.

Greece is on the verge of being forced to leave the eurozone after Greek voters turned down an international bailout offer via a referendum on Sunday, leading to calls from European leaders for Athens to "make serious, credible proposals" to resolve the dire situation.

With money drying up, the operation of Greek banks have been shut down for the rest of the week, as restrictions on bank transfers and ATM withdrawals also continuing to be enforced. There are now reports that mergers between Greece's major banks will have to take place as part of emergency reforms to save the country's financial system.

According to the Chinese-language website of the natonalistic Global Times tabloid, the only bitcoin ATM in Athens has continue to operate amid the chaos. The value of bitcoins has also steadily risen over the last few days, with OKCoin revealing that the virtual curency rose to as high as US$278 shortly before midnight on July 6.

Statistics from bitcoin trader Cryptocurrency further support the claim that the interest of Greek customers in bitcoin is on the rise. With Greek bitcoin trader BTCGreece asking customers to deposit at least €50 (US$55.40) worth of bitcoins in their accounts, the total number of bitcoin transactions in Greece reportedly rose by 400% over May and June.

Xu believes bitcoins could be the "last straw" for the Greek people. If Greeks are willing to accept bitcoin they will be given some much-needed breathing room, Xu said, noting that the decentralized nature and global liquidity of bitcoin can allow Greek people to escape the capital controls of traditional banks. Bitcoins are also traded with with very low transaction costs so as to preserve the value of their funds, he added.

"I believe in near future the value of bitcoins will become more and more visible," Xu said.

Poster Comment:

There may be a way to snooker the Rothchilds after all.

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