[Dismas]

Banning feminine men was based. Banning cryptocurrency is smart on their end, as they are going to be rolling out the Digital Juan. Which will eventually be backed and only accepted for labor/trades. They already produce most products in the world, this could be done very easily.

Digital Yuan sounds interesting. I'd imagine it could be like USDT, but it's centralized and ultimately under the CCP's control.

[HackingRealm]

China has some interesting priorities. A couple of weeks ago they banned "effeminate men", now they've declared cryptocurrency illegal.

The Chinese Communist Party has certainly been keeping itself busy of late, and particularly concerning new technologies. The country is one of the world's largest cryptocurrency markets, but the government has long been suspicious of bitcoin and its ilk, and officially banned trading back in 2019 (though it was able to continue through the use of foreign exchanges). Now the CCP has gone a step further: the People's Bank of China today announced that all cryptocurrency transactions are illegal.

The translated statement is short and not-so-sweet: "Virtual currency-related business activities are illegal financial activities [and] seriously endangers the safety of people's assets." It makes explicit that engaging in such activities is now a crime and will be prosecuted, and that foreign websites offering such services to Chinese citizens are also illegal.

Read More: https://www.pcgamer.com/china-declares-c...s-illegal/

They just want to own the market. Crypto will recover soon
Bitcoin ban
Facebook ban
Google ban
All are same

[Boudica]

Interesting. I wonder what they're going to make illegal next.

Skinny jeans?

I heard that they are already looking into making "effeminate styles" illegal.

And ear piercings for men?

Interesting. I wonder what they're going to make illegal next.

Skinny jeans?

They'll follow suit with North Korea.

To be honest, in my very westernised mindset, I can see it going in that direction.

[Spooky]

Banning feminine men was based. Banning cryptocurrency is smart on their end, as they are going to be rolling out the Digital Juan. Which will eventually be backed and only accepted for labor/trades. They already produce most products in the world, this could be done very easily.

Digital Yuan sounds interesting. I'd imagine it could be like USDT, but it's centralized and ultimately under the CCP's control.

I could see it being a carbon copy of USDT. Excatly how you said, centralized and under control within the CCP.

[mothered]

To be honest, in my very westernised mindset, I can see it going in that direction.

Yes, It may well be the case.

There Isn't anything on Google to suggest It will happen, but It's certainly a possibility.

[dashdecash]

well, all came to monopolize the market. As they ought to grow their own digital currencies, eventually if the potential see fits, they would bind to AliPay/wechatPay. lets see how it goes, but bear in mind that crypto still at its support line, so it would be fine as long as nothing big happen to other countries except China.

[Accident Man]

I feel this is going to slowly make its way to other countries too - they will either ban or highly regulate it.

[Boudica]

I feel this is going to slowly make its way to other countries too - they will either ban or highly regulate it.

It'll be interesting to see who takes what course. And how this "environmental friendliness" issue pans out.

[mothered]

I feel this is going to slowly make its way to other countries too - they will either ban or highly regulate it.

Agreed.

When one entity Implements such measures, It's not uncommon for others to follow suit.