In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche
PayPal might be shut out of markets by central banks like the People’s Bank of China (PBOC), or find itself competing with banks like the Federal Reserve. Something to remember is the paper money was developed by private banks and appropriated by central banks. The appropriation of electronic payments networks by central banks is beginning in countries like China and India, and it is likely to spread around the world.
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NEO might be far more than just a cryptocurrency. Smart investors would be well advised to buy it now, because the team behind NEO might have some important backers in high places – in Beijing.
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The PBOC is in a rush to develop a digital currency because of China’s experience with bitcoin. China is the world’s largest market for bitcoin because the cryptocurrency allows the country’s residents to easily bypass its’ rigid currency controls.
The central bankers apparently hope that issuing their own cryptocurrency will give them some control over the situation. Some control is better than no control which is what they have right now.
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