“ The fact that Bitcoin was used as a widely publicized ransom payment may have doomed the currency. There’s probably nothing this administration will do, as they are focused entirely on Trump, abortion and “gay rights.” But there are still adults in the government and I’m sure they made notes.
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OAN also reported the Chinese government has BANNED their business from using Bitcoin. They’re outlawing it probably to help avoid ransom attacks.
Additional info -
Under the ban, such institutions, including banks and online payments channels, must not offer clients any service involving cryptocurrency, such as registration, trading, clearing and settlement, three industry bodies said in a joint statement on Tuesday.
“Recently, crypto currency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order,” they said in the statement.
“They’re outlawing it probably to help avoid ransom attacks.”
The Chinese currency is not convertible. Nor, does it belong to the person who earns it. The Chinese government finances growth, or now, just employment, using the savings of the Chinese people. (That and just printing however much money they want.) The people who can have been moving whatever wealth they can out of China, which, is illegal. (Unless you’re high enough up in the CCP that it is “legal.” And, it is only legal until the CCP decides to take it and execute you.) The Chinese have been looking for ways to move wealth out of China, so that it becomes THEIR wealth instead of group wealth which is owned by the CCP. (This is also why there are entire cities in China that are not occupied. Buying a house was okay and it was a place to store wealth that was not in the direct control of the CCP.) So, to cut off another path of moving wealth out of China, the CCP has outlawed Bitcoin and others. I believe they have instituted their own electronic currency, however, as in the real currency, it isn’t owned by those who earn it.