Lee says there aren’t many use cases for Bitcoin in China beyond investment and speculation. “China is lagging behind in terms of use cases for businesses, unlike the U.S. and the Western world,” says Lee. “We recognize that and it’s ok. When China’s ready, we’ll be there to serve that market.”
*Bows down to Bobby Lee*
China is about keeping things cheap.
I mean no one likes to get a yuan that is all dirty, but they have bank cards for this. Furthermore, you won't be able to use bitcoins at the smaller places where you are likely to get a dirty yuan note. Those smaller shops won't be able to afford bitcoin terminals or to run a computer 24/7 without the risk of someone running off with their laptop. Theft is common...
I've been to China, and those dirty notes, well you don't know where they have been. My western tour group made fun of the fact that it may have been used as toilet paper as it is a luxury in China's public toilets. So my opinion is that the uptake in China will be severely limited even without government intervention. If the government intervenes, we can only guess what disaster awaits.
Either way, I trust Bobby Lee's judgment.
