Bitcoin (CRYPTO: BTC) and other cryptocurrencies "are not legal tenders and have no actual value support," according to Deputy Director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China (PBoC) Yin Youping. What Happened: According to a report by local news outlet People's Daily Online, Youping said that cryptocurrencies are purely speculative assets. He also advised the public to increase its risk awareness and stay away from the crypto market to "protect their poc
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.