CCP Cracks Down on Virtual Currency to Prevent Money Fleeing the Country

Epoch Times ^ | 05/18/2021 | Alexander Liao

[SeekAndFind]

For many years, the CCP (Chinese Communist Party) has acquiesced to digital currency operations in China. But in 2018, it began to restrict Bitcoin transactions while still secretly encouraging Bitcoin mining. However, now that large amounts of funds are fleeing the country through virtual currencies, Chinese authorities seem determined to crack down on it.

Cryptocurrencies represented by Bitcoin have attracted more and more attention in recent years due to their security, privacy, and decentralization. Data shows that the unit price of Bitcoin has exceeded $60,000, but as of May 18, the unit price of Bitcoin fell to $43,300 with a market cap of $811 billion. As the price of Bitcoin and other virtual currencies rises, the world’s resources invested in the virtual currency mining industry have also increased significantly.

The CCP does not recognize virtual currencies and has actively taken measures to prohibit transactions via digital currency. Instead, they introduced a digital yuan controlled by the Chinese regime.

Virtual currencies such as Bitcoin, because of their security and privacy advantages, have become a major concern for the CCP. The CCP operates on centralized control.

Paradoxically, although the Chinese Communist Party prohibits the trading of cryptocurrencies such as Bitcoin, it does not prohibit the mining of cryptocurrencies.

In the global Bitcoin mining industry, Chinese miners account for the vast majority of mining in the world.

In a study done by Statista in 2020, China conducts 65 percent of the world’s bitcoin mining. The United States is a far second, with only 7.24 percent.

Mining refers to solving complex math problems in exchange for a certain number of Bitcoins. Succesful mining introduces new Bitcoins into circulation and allows transactions to process securely. According to Nasdaq, the Bitcoin mining industry brought in an average of $56 million per day in April.

[Vermont Lt]

Except the CCP has not changed any policy regarding crypto currencies. This is rehashed crap that goes back two years. For some reason the media drags this out every six months or so.

And Epoch Times is a Chinese owned company. Not sure anyone should put much credence in anything they publish.

[SeekAndFind]

RE: And Epoch Times is a Chinese owned company.

Yes, but Chinese owned does not mean CCP controlled.

In fact the Epoch Times is owned by the ANTI-COMMUNIST Falun Gong.

[BiglyCommentary]

A lot of Chinese are using crypto to get money out of the country. Just common sense tells you the CHICOMS are not going to allow that to continue.

[PGalt]

thanks for posting. very interesting.

[Rainwave]

Something weird going on here as well. Crypto is tanking bad and all live streams concerning Crypto on YouTube are down. Other sights on web are having problems. I wonder if our own Government is trying to beat down this giant threat to our monetary system and their own desire to control digital currency?

[VAFreedom]

epoch times is a right wing company that hates CCP.

that said, i do hope they crack down hard on miners. i want cheaper video cards.

[VAFreedom]

i think part of it had to do with elon’s u-turn on bitcoin, i bet you he made billions.
1. buy lots of bitcoins when they were low
2. announce Tesla will take bitcoins
3. bitcoins went to the moon
4. sell bitcoins before announcing tesla will not take bitcoins
5. bitcoins tank in prices.
6. profit.

[Dr.Deth]

Coming soon. Washington is being remade in the image of Beijing but with a spicy dollop of Moscow’s cognitive dissonance.

[Jane Long]

Washington is being remade in the image of Beijing but with a spicy dollop of Moscow’s cognitive dissonance.

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That’s an excellent description. :-(

[palmer]

i want cheaper video cards.

BTC is not mined with video cards, they only use ASICs. You might be thinking of ETH which is, for now. But that will change and video card mining will go away.

[palmer]

Not wierd at all. BTC has a completely contrived price, no intrinsic value. My quick guess from the chart is $30k is a plausible landing zone.

[House Atreides]

“BTC has a completely contrived price, no intrinsic value.”
**************************************************
Kinda like American paper currency. Fortunately, our government is not printing massive amounts of this currency and “dropping it from helicopters”. Right? They’re not doing that, are they?

[The Antiyuppie]

“that said, i do hope they crack down hard on miners. i want cheaper video cards.”

It’s also a mindblowing waste of energy. When you mine something REAL, it’s generally energy intensive but you now have something (often useful) to show for it.

[The Antiyuppie]

“BTC is not mined with video cards, they only use ASICs. You might be thinking of ETH which is, for now. But that will change and video card mining will go away.”

A looney wrote code to mine Bitcoin on (maybe) a 6502 in a Commodore 64. It would probably use a significant fraction of the world’s remaining fossil fuel resources and millions of years to “make” any real money, and that only if things were “frozen”.

[Greetings_Puny_Humans]

And Epoch Times is a Chinese owned company. This is completely false, unless you mean that ethnic Chinese own the company. They are not a CCP website. Quite the opposite.

[Jane Long]

This is completely false, unless you mean that ethnic Chinese own the company. They are not a CCP website. Quite the opposite.

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And, it’s BLOCKED in mainland China.

[C210N]

$30k is a plausible landing zone.

BTC is a CIA creation for dark money. Precious-metal-backed NESARA is our future. BTC and its ilk will be incompatible.

Therefore, I'll opine $0.

I don't think it'll wander to $0, but rather wander from where it is at $39k to lower numbers, and then at some point the plug is pulled, and trades no longer work.

[palmer]

BTC is a CIA creation for dark money. Precious-metal-backed NESARA is our future. BTC and its ilk will be incompatible.

Therefore, I'll opine $0.

Opine away. I was talking about the short term and here's a technical analyst who agrees with me:

The pattern's target is located at the height of the Head, subtracted from the Neckline at $30k. There is a previous valley located in the same price area. This could be a substantial drop of 37% from the current price level. https://www.ino.com/blog/2021/05/bitcoin-ethereum-and-ripple/#.YKTtui-z2vg

Sure in the long run, $0. The reason is not because the CIA "pulls the plug", but because the crypto will be defeated. The SHA256 hash rate is automatically adjusted so that's not the problem. The problem is getting the ECC private key from the public key. The hash will protect the public key a little, both will have to be broken. Quantum computing will probably do it in 10-20 years. Without QC, maybe 20-30 years.

BTC is carefully studied. There's no plug to pull.

[C210N]

The reason is not because the CIA "pulls the plug"...

The CIA is complete Deep State. They won't pull the plug... the plug is being pulled out from under them/BTC/FED. Therefore, I do not believe the demise timeline is 20-30 years based on technicals like hash. But, I do agree with you on Quantum computing (NESARA is QFS, Quantum Financial System based).

I'm of the understanding that NESARA/QFS is being rolled out right now (lots of signs), and will pick up pace, to be completed within the next year.

An early sign, about 2 months ago, IMHO, was the complete loss of FED services (bank to bank) about two months ago, for the better part of a day. I don't know what that take-down was used for - perhaps some kind of test.