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Whenever China does something, there are two ways to look at it. What you see and what they want. China is a very clever country and nothing they do is for the good of humanity. The party is above God and man, and that’s how they work.
When China announced it enforcement of a ban on mining Bitcoin, the market plunged (as it was already dipping from a Musk comment. Many people thought that it was because of China’s Carbon Neutrality 2060 policy. Such a novel endeavor to improve the environment that we live in for the future. However, is that it? China is responsible for ? of the world’s bitcoin mining. May it is sticking to its communist principles to go anti-capitalist.
I doubt it. In fact, since China is releasing its Central Bank Digital Currency and needs to test it, I think that they want people to invest in it. This follows an announcement by the government that cryptocurrency is backed by nothing. This is important. If you took all the investors in cryptocurrency, those that understood crypto are a minority. In fact, there are still people in the market that think Bitcoin is a physical coin.
This plays in China’s favor. Its Digital Yuan is backed by the government, the same as paper currency. So once again, mighty China is edging closer to taking over the market. At least, unlike the US, they are planning for CBDC.
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