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Bitcoin Tumbles on Evergrande Bond Obligation Struggles

TheStreet | Rob Lenihan | Sep 20, 2021

Evergrande - Bitcoin Tumbles on Evergrande Bond Obligation StrugglesBitcoin and other cryptocurrencies are battered as China Evergrande Group struggles with bond obligations.

Evergrande, China's second-largest property developer, has more than $310 billion in debt.

The company has held urgent talks with of its many creditors in hopes of delaying payment on two separate bond obligations due later this week.

Evergrande has been caught in a liquidity squeeze that could see it both fail to meet bond obligations and fall into bankruptcy proceedings. That in turn could trigger the forced sale of hundreds of commercial properties.

"Record amounts of bitcoin have been taken off exchanges, with levels being at their lowest point in the past 12 months," he said.  Low liquidity typically leads to choppy price volatility, which can easily swing in either direction."

On the regulatory front, Winston Ma, a former managing director and head of North America at China Investment Corp., said China seemed to be sticking to its original schedule to officially launch its digital currency (e-CNY) at the Beijing 2022 Winter Olympics."

"Since [the] People’s Bank of China issued its digital currency white paper in July, China has accelerated the testing of e-CNY," said Ma., author of "The Digital War - How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace."

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Chinese media reported last week that a PBoC team visited Beijing 2022 Winter Olympics sites to further test e-CNY ATM and mobile payments, in what’s described by PBoC Vice Gov. Fan Yifei as the "final push,” Ma said.

He added that the West finds hard to grasp the idea that China is many years ahead of the US and Europe in developing sovereign digital currencies.

Ma said that China’s launch of e-CNY as government currency, together with El Salvador’s adoption of bitcoin as legal tender, "will become important reference cases for all nations stepping into digital assets," Ma said.

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