Member-only story
Yes, It Matters that China Just Banned Crypto.
But not for the reason you think.
Unless you’ve been living under a rock the past few years, you’ve at least heard about cryptocurrencies and their impact on the financial industry. I like the fact that it’s relatively anonymous, completely electronic, and ownership can be proven rather simply.
It was all fun and games when Bitcoin was being mined by a few software enthusiasts and its status was relegated to a fringe asset. However, as the world caught on to cryptocurrencies (not just Bitcoin but also the inevitable copycats) and think pieces were published about the end of money as we know it, I started to doubt the future of crypto.
My doubt was sourced in the fact that fear of change (or more appropriately, fear of loss of power) is woven into the very fabric of the world’s governments. I couldn’t see Japan giving up the Yen, England turning its back on the pound sterling, or Russia allowing the rupee to be diminished. I definitely couldn’t see the US standing by while crypto cuts into the market of the almighty dollar.
Unfortunately, China just proved me right and completely banned all cryptocurrency, tightening the government’s grip on its economy.
Chinese government agencies have repeatedly raised concerns that cryptocurrency…
