“You have just outlined why crypto was doomed from the beginning. Governments aren’t going to allow a currency outside of their influence to exist.”
Remove the independence from government surveillance and control that has largely existed up to now, and a lot of those who are “all in” on the cryptos, plus many considering it in the future, are going to say, “Eh, maybe not, they just took away all of the reasons why I am/wanted to be in this stuff.”
Between China’s action and this bill (whether it passes and becomes law or not doesn’t matter - someday something similar enough WILL), I think that crypto-currency just died. Like liberty, TPTB don’t like it and will do everything in their considerable power to end it as quickly and as finally as possible.
Prison planet.
“Well, Red China today utterly outlawed crypto-currencies - ALL of them.”
The ChiComm apes have banned Bitcoin at least seven times since 2013.