How china's new ban on crypto breaks from the past

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Quartz 26 September, 2021 - 01:45pm 46 views

Did China ban all Cryptocurrency?

China banned all crypto transactions and vowed to root out mining of digital assets, delivering the toughest blow yet to the industry. Crypto-related transactions will be considered illicit financial activity, including services provided by off-shore exchanges, the People's Bank of China said on its website. Aljazeera.comBitcoin slumps as China bans all cryptocurrency transactions

Did China outlaw Bitcoin?

China's central bank on Friday declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money. Chinese banks were banned from handling cryptocurrencies in 2013. ... cbsnews.comChina bans cryptocurrency transactions in sweeping crackdown

Is Bitcoin legal in China?

The People's Bank of China, the country's central bank, said Friday that cryptocurrency transactions are illegal, saying such currencies “do not have legal tender status” and therefore “cannot be circulated as currency in the market.” The VergeChina’s central bank bans cryptocurrency transactions to avoid ‘risks’

What is China FUD?

That stands for “ Fear, Uncertainty and Doubt” and it's sort of a catch-all pejorative used to dismiss the seemingly never-ending list of concerns and criticisms that perpetually dog the digital-asset class even as it continues to grow at a breathtaking pace. ... References to “FUD” in the media have surged this year. BloombergFUD Is on the Rise for Crypto Users After China Crackdown

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The “China Ban” Is Good For Bitcoin

Bitcoin Magazine 27 September, 2021 - 09:45am

China has been trying to ban Bitcoin for years. The first time the Chinese government sought to prohibit the usage of bitcoin in the country took place in 2013, only a few years after Bitcoin was born. Since then, the BTC price in U.S. dollars has catapulted.

So why did China take the other route? At the core of the answer is what is perhaps Bitcoin’s main value proposition: individual empowerment in the form of freedom and sovereignty. Unsurprisingly, two qualities that a communist regime despises. Naturally, China’s policies strictly reflect the communist regime’s ability to stay in power and exert overarching influence and control over its people. Anything and everything that threatens these abilities have been and will be suppressed.

The country’s “Great Firewall” has been preventing Chinese people from accessing a wide range of Western websites and platforms for years, including Facebook, Google, and other major tech companies. The strict censorship imposed by communist-ruled China on its people has but one mandate  restrict their access to information and enforce obedience.

Bitcoin is a tool that empowers people. The peer-to-peer network treats everyone equally, regardless of money, power, status, race, religion, or culture. It provides all those who use it with the same sound, censorship-resistant, permissionless monetary system. Bitcoin allows people to store and transact sound money with anyone, anywhere, at any time. Ultimately, Bitcoin enables individual freedom  something communism is far from being fond of.

The news that China has banned Bitcoin shouldn’t  and won’t  hurt the currency, the same way that similar bans to Facebook or Google didn’t hurt them. If anything, it strengthens it. If Bitcoin weren’t suitable to be used as a currency, either as a store of value or a medium of exchange, no government would be going through the trouble to ban it. The fact that China has been taking such severe measures to try and stop Bitcoin and bitcoin mining showcases how powerful this technology is and how scared the CCP is of its potential.

Bitcoin is a tool to fight oppression, and in being so, represents a threat to all governments that seek a high level of control over their citizens. The open-source technology has the potential to dismantle monetary colonialism, unfair policies and restore world peace. By empowering people to reclaim their rights and freedom, Bitcoin is the worst nightmare of all totalitarian governments. It’s no surprise that China has been trying to ban it for so long. But too bad for them; it won’t be this time that they will succeed, Bitcoin will live on.

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