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Bitcoin Has No Value: People Bank's Of China Official Announces Further Crackdown
(finance.yahoo.com)
this post was submitted on 29 Aug 2021
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Cryptocurrency
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I feel like crypto is a great concept because one the face of it it gives power back to the people by having a decentralsied banking system. Although I feel that the reason that china wants to crack down on it is because they are not able to regulate it as they are worth their own currency so it takes power away from the Government. Also China is known for its totalitarianism.
They are cracking down on BTC because of how disastrous it is for the climate since they pledged to get to zero carbon emissions by 2060, not because of some orwellian fairy tale.
I'd like to say a couple of unpopular things here, though I hope you all appreciate the diversity of thought and engage in discussion with me.
Firstly, it only makes sense that the Chinese government is banning bitcoin, though I'd highlight the wastage of electricity is a secondary goal. Case in point, China still fervently engages and expands its production of electricity via coal. Instead, the goal is to better balance the gridlines where most crypto mines are; more importantly, nurturing the right environment to disrupt USD throughout the New Belt Road necessitates their crypto usage be tamed. Don't get it confused.
With their crypto do you mean the digital renmibi or what?
the digital renmibi is not crypto, but that's indeed what i'm making reference to.