China’s War on Crypto

China’s War on Crypto

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  1. China is waging a war that goes beyond Bitcoin and crypto currencies. The Chinese Communist Party is waging a war to keep its grip on the country.

    To do this, nothing must be left to chance, and especially not to give too many freedoms to a population that could one day challenge the authorities in place in Beijing.

    Everything that is synonymous with freedom must be banned.

    Bitcoin is no exception to this rule. Instead of Bitcoin, China wants to impose its e-CNY, which will allow for even greater control over the Chinese population. This is the last piece of the puzzle that is the Chinese social credit system.

    For Bitcoin, it will not change anything. On the other hand, it is something dramatic for the Chinese population not to have access to Bitcoin.

  2. tldr; China is cracking down on cryptocurrency mining and foreign cryptocurrency exchanges. The new regulations will be enforced by “the most powerful regulators with the most clout,” says Yale Law School’s Karman Lucero. The Chinese Communist Party has long indicated its hostility to crypto. “Good crypto policy is not quite as simple as “do the opposite of China.”

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

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