“The main reason Bitcoin has become big in China is because Chinese people are savers, and more people are seeing Bitcoin as a way to store and invest their money,” Linke Yang, the vice-president of BTC China, told Agence France-Presse on Friday at Bitcoin Singapore, a conference on the cryptocurrency.
There are other reasons. Last month, Baidu, an Internet company that operates the most popular search engine in China, began accepting bitcoins for some services offered by its subsidiary Jiasule. Also, Chinese people who chafe at strict government control of the yuan may see bitcoins as a way to speculate on currencies.Why Regulate Bitcoin? : The New Yorker