Posted on 09/24/2021 8:44:49 AM PDT by Salman
BEIJING (AP) — 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.
Friday’s notice complained Bitcoin, Ethereum and other digital currencies disrupt the financial system and are used in money-laundering and other crimes.
“Virtual currency derivative transactions are all illegal financial activities and are strictly prohibited,” the People’s Bank of China said on its website.
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(Excerpt) Read more at apnews.com ...
The question is, will Xi reel in the gigantic homegrown mining base, along with the transactional side? One presumes he will, and that this will backfire in an unpredictable way.
China Creates Its Own Digital Currency, a First for Major Economy
https://www.wsj.com/articles/china-creates-its-own-digital-currency-a-first-for-major-economy-11617634118
Eliminating the competition. Can't track people to manage their social credit score with any other crypto but their own official one.
Did the ChiComs convert Hunter Biden’s Bitcoin payoff to the new approved crypto?
wow i don’t even consider china a stopped clock, it is a clock that’s running 3 hours behind so it is always wrong.
i guess the only reason they’re doing this is that they want to run their own bitcoin.
https://freerepublic.com/focus/news/3997555/posts
https://freerepublic.com/focus/news/3997710/posts
https://freerepublic.com/focus/news/3997739/posts
How long until Biden follows orders and does the same thing here
The US will have to do the same. Once hyperinflation and high taxation hit, people will flee the system.
High taxation already here, hyperinflation will not happen.
Most people have no clue what hyperinflation really means.
i really don’t like the idea of the e-dollar in my pocket changing in local value btwn home and the store...
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