Posted on 09/24/2021 4:58:24 AM PDT by Oldeconomybuyer
China's central bank has announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin.
"Virtual currency-related business activities are illegal financial activities," the People's Bank of China said, warning it "seriously endangers the safety of people's assets".
China is one of the world's largest crypto-currency markets.
Fluctuations there often impact the global price of crypto-currencies. The price of Bitcoin fell by more than $2,000 (£1,460) in the wake of the Chinese announcement.
It is the latest in China's national crackdown on what it sees as a volatile, speculative investment at best - and a way to launder money at worst.
Trading crypto-currency has officially been banned in China since 2019, but has continued online through foreign exchanges.
However, there has been a significant crackdown this year.
(Excerpt) Read more at bbc.com ...
“It comes amid preparations for an economic slowdown, with fears about property giant Evergrande going bust and people wanting to move their money out of China.”
- Sky News
And, just like that, all the investment in e-currency disappears.
Of course they do. The Chinese Commies can’t control crypto currency.
It could be their undoing, that is if the Chicoms last long enough to be undone.
Capitalism is widely practiced in Red China. It cannot be put back in the bag now.
“Fiat” e-currency, not PM e-currency.
Fiat, as in BTC, a creation of our illustrious CIA.
Left alone are the crypto’s backed by precious metals.
You can’t I ring this. It’s completely decentralized. That’s the point.
Unring
Possibly the prelude to the government controlling all transactions.
China doesn’t want to lose control over their ‘citizen/slaves’....
>>China doesn’t want to lose control over their ‘citizen/slaves’....<<
The pedo joe xiden is taking notes.
You keep telling yourself that. I don’t believe it in the long run.
China is really stupid for doing this. They have so many orgs in Hong Kong and China that were using crypto for micro-investment and “incubation” of developing world tech firms. It’s so easy to use crypto to quickly transfer funds from here to there.
This just in...
China has big problems to deal with:
23 Sept: WSJ: China Makes Preparations for Evergrande’s Demise
Beijing, reluctant to bail out the country’s most heavily indebted property developer, is asking local officials across the country to prepare for a ‘possible storm’
by Keith Zhai
The officials characterized the actions being ordered as “getting ready for the possible storm,” saying that local-level government agencies and state-owned enterprises have been instructed to step in to handle the aftermath only at the last minute should Evergrande fail to manage its affairs in an orderly fashion...
https://www.wsj.com/articles/china-makes-preparations-for-evergrandes-demise-11632391852?st=o95igfbq62ncrdo&reflink=article_copyURL_share
apparently the following was not enough:
22 Sept: UK Daily Mail: Crisis-hit Chinese real estate giant Evergrande strikes deal on interest payments calming fears firm will default with $300bn debts sparking ‘Lehman moment’ global financial chaos
The indebted firm is heavily linked to China’s economy and has debts of $300m
It has negotiated a deal with bondholders to assuage fears of a collapse
China’s central bank also injected $14bn into banking system as show of support
By JACK NEWMAN FOR MAILONLINE and REUTERS
China’s central bank also injected 90billion yuan ($14billion) into the banking system, in a sign of support as the country’s financial markets reopened and steadied after a two-day break for the Mid-Autumn Festival...
BlackRock and investment banks HSBC and UBS have been among the largest buyers of Evergrande’s debt.
Other bondholders include UBS Asset Management and Amundi, Europe’s largest asset manager...
https://www.dailymail.co.uk/news/article-10016313/Evergrande-strikes-deal-calm-fears-firm-default-sparking-global-financial-chaos.html
Capital controls. China is hemorrhaging money. All these sudden moves smell of desperation.
China Evergrande is the trillion dollar canary in the coal mine.
Japan basically just told them they’ll have a sea war if they want. Think they know something?
I said it two years ago. The new laws in Hong Kong were designed so that China can detain and blackmail anybody transiting through Hong Kong. They need all the money back from their wealthy diaspora.
I thought China was a big manufacturer of crypto. So just the people can’t have it?
Gold and silver are tanking right now. Talk about a buying opportunity!
It could be their undoing, that is if the Chicoms last long enough to be undone.
We are in that kind of world now.
Thanks!
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