China Kneecaps Cryptocurrency Market

China Kneecaps Cryptocurrency Market

Some time ago, China banned cryptocurrencies and the use of them within their borders citing security concerns. This week, the Chinese Communist Party doubled down on that rule and issued a reminder that the Yuan will not be part of that world.

Chinese banks were banned from handling cryptocurrencies in 2013, but the government issued a reminder this year. That reflected official concern cryptocurrency mining and trading might still be going on or the state-run financial system might be indirectly exposed to risks.

Friday’s notice complained Bitcoin, Ethereum and other digital currencies disrupt the financial system and are used in money-laundering and other crimes.

“Virtual currency derivative transactions are all illegal financial activities and are strictly prohibited,” the People’s Bank of China said on its website.

Promoters of cryptocurrencies say they allow anonymity and flexibility, but Chinese regulators worry they might weaken the ruling Communist Party’s control over the financial system and say they might help to conceal criminal activity.

Given the Chinese obsession with social currency and the way, they track their people to control them, the ban on crypto looks very much like a way to eliminate as many ways for the people of China to subvert the system that the government has in mind.

The People’s Bank of China is developing an electronic version of the country’s yuan for cashless transactions that can be tracked and controlled by Beijing.

Uh-huh. Who didn’t see that coming?

This is the sort of thing that dystopian stories in the mainstream media warn about. This is life imitating art. Aldous Huxley and George Orwell’s writings are being used as a “how-to” manual. Their motivations were not to warn us, but the people could have taken a hint that the powers that wannabe want control of humanity so badly, they will do anything to make that happen.

That includes curtailing alternative currencies.

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