HONG KONG SHOULDN’T BAN BITCOIN BECAUSE OF BAD ACTORS
When the Chinese Ponzi scheme MyCoin vanished without a trace, stealing investment money from patrons across the board, many people went to the Hong Kong police first and foremost. MyCoin stole their money, and they want it back.
MyCoin was supposed to be a bitcoin exchange and gathered enough interest to claim 3,000 customers investing $128,966 each. They made sure to leave no paper trail, as often happens with bitcoin scams. When they left, citizens of Hong Kong that invested were without any recourse in the situation.
In response, Chinese lawmakers are pressuring authorities to ban bitcoin outright altogether.
Lawmakers Leung Yiu-Chung and James To are among the few that are putting pressure on the authorities to pass a ruling. China has always been on the fence in regards to bitcoin, mostly keeping a far away, yet watchful, eye on its developments.
Speaking with Reuters, Leung said the following:
This post was published at Crypto Coins News on February 13, 2015.