Eric Posner Interviewed about Bitcoin on APM's Marketplace Morning Report
China's largest Bitcoin exchange, BTC China has been forced to stop taking Chinese currency. The move follows a reported meeting this week between payment processing companies in the country and the People's Bank of China, and a decision by national financial agencies in the country earlier this month that effectively banned dealing in Bitcoin, the so-called cryptocurrency -- which Marketplace Tech has been looking at all week -- seems either on the verge of collapse or going to the next level.
Eric Posner is a professor of Law at the University of Chicago who has been studying Bitcoin. He says people should stop thinking of it as a currency.
"It's more like a payment system that people can use to transfer dollars from one place to another, and the way you transfer your dollar is you buy a Bitcoin, ship it through the internet, and then the other person gets it and converts it into a dollar," Posner says.