good to see a country getting control of credit creation.
China's central bank declares victory over online lenders, Bitcoin speculators
The People's Bank of China, the nation's central bank, has trumpeted its success suppressing Bitcoin and online lending. A WeChat post from the Bank outlines how it has spent the last five years enacting the wise guidance of China's president Xi Jinping, with efforts that translate as "comprehensively cleaning up and …
Wednesday 28th September 2022 08:10 GMT Pascal Monett
P2P loans is not necessarily cryptocurrency
I have a problem with confusing person-to-person loans with funny money.
If the loan is made in the national currency, what does the government have to say about it (other than the fact that China is a dictatorship and wants to control everything) ?
If I meet a friend and loan him in person €1000, the government has nothing to say about it. If my friend never gives the money back, that's my problem to deal with. P2P loans are the same thing.
Just mandate that P2P loans cannot be made in funny money.
Life will find a way.