Please do not forget, the Chinese government - on paper still is a communist one - is preferring control over profits. Specially when the profits are mainly in an unregulated private sector. In addition, crypto has friends in the HK peace movement and in Taiwan. Even more a reason to focus on currencies that can be controlled by the communist party and fight the ones that cant be controlled.
It is strange also that these decisions have been taken with no official statement to give reasons even excuses for such action. I guess the country is indeed a communist one where the people in power have the absolute say.
Offcourse that's what they are , no one should be surprised if they reverse their decision in the future and we should not rely on them especially with mining despite their cheap electricity.
Miami is one city that is taking advantage of the opportunity chased out by China government as the mayor is willing allow miners use the nuclear clean energy to mine bitcoin.
Maybe the government sees the controlling aspect as more important they feel they can't control bitcoin but their currency, buy setting the supply and regulating it so they obviously picked banning bitcoin to do that
That's true.. it's hard to even try to control it since circulation of crypto currency is not like our locat fiats.. there will be some problems on different countries about taxes or something. Specially if one country try to manipulate prices
The taxes is where they are fighting for because when people no longer save in the bank, there is tax shortage and revenue to them , so they would do all they could do to make sure crypto is eliminated
They can still tax people holding funds in cryptocurrency because they will regulate the wallet and the exchange platform eventually
Yeah, crypto is a threat to them but since the people are the ones that want it. It will not be easy and they will try to make it seems like a scam and fraud money to ban it
And thats what they are already doing , they are making it look like that because if they ban it once there could be massive protest , so they have to think and make use of that option
China is being technical and strategic, they are watching the market , if they see that the market has recover they will reverse their decision.
Although if they reconsider their decision its already too late ,because many companies have left their country becausee of that decision they make ,and their revenue would be less
Earnings Disclaimer: All the posts published herein are merely based on individual views, and they do not expressly or by implications represent those of BeerMoneyForum.com or its owner. It is hereby made clear that BeerMoneyForum.com does not endorse, support, adopt or vouch any views, programs and/or business opportunities posted herein. BeerMoneyForum.com also does not give and/or offer any investment advice to any members and/or it's readers. All members and readers are advised to independently consult their own consultants, lawyers and/or families before making any investment and/or business decisions. This forum is merely a place for general discussions. It is hereby agreed by all members and/or readers that BeerMoneyForum.com is in no way responsible and/or liable for any damages and/or losses suffered by anyone of you.
