Sirwin
Sirwin

China Ban Ban Bang!

By xuanling11 | Crypto Learning | 28 Sep 2021


China is banning everything crypto-related. It starts decoupling the world that way to become self-sustain or closed-minded.

 

A trade war makes China think

After 2018 the start of a trade war between the United States and China, its export economy was a plateau. Since then, China has wanted to shift its dependable economy into a domestic economy to become more sustainable and rely on its own massive population.

 

Population growth crisis

Unfortunately, that did not work out either. The project of Chinese population growth continues to decline. Due to its raising on living standards and high cost of living, younger generations hesitate to grow a bigger family size with more members to burden their cost of living.

 

One-child policy to Two-child policy to Three-child policy

Despite the government’s relaxation on its birth-controlled policy, the population continues to grow slowly. They start promoting more children within families but citizens are reluctant to follow.

 

Banning crypto to cure their ever continue-shrinking economy

Fear of crypto competition, the government shuts down on crypto and bans its operations within their financial system. It goes further to block crypto-related websites. 

 

Fear of digital economy

Heavily rely on the labor-intensive jobs market, China did not want their citizens to go fully on digital because the internet is a wild west and encrypted technology will wake citizens’ minds that become harder to manipulate.

 

Chinese firms join the ban

The funny thing is that Chinese tech firms join the ban on crypto. Since crypto is part of the technology of the future, banning crypto is banning future growth. Despite all of that, Chinese tech firms join the ban on crypto. Alibaba is Chinese Amazon yet they ban crypto.

 

Digital norm is inevitable

Citizens have access to the internet to receive information even though the great firewall prevents them to reach outside of the country. People have many workarounds to gain access to cryptos and mining. Despite all regulations and restrictions on gaming and cryptos, they still can access the internet unless China completely shut down the internet.

 

Decoupling the future

China works its way to decouple the future. They think their economy can sustain itself and create its own ecosystem without future technology. They think CBDC is a solution to crypto and they think AI can surveillance their citizens to prevent their awakening.

 

Crypto will ban China

Many crypto projects are shifting away from China and they knew it is coming to the end. Detached from China is a way to the future if they want to survive the future competition.

 

Countries benefit from the ban

Singapore continues growing crypto and blockchain awareness along with new technology adoption. Vietnam is also joining the crypto force that potentially will relax their adoption of crypto. India may become another huge hub to grow out of crypto. Japan has already big on crypto and its regulations are the most mature in the world. 

 

In conclusion

China’s banning of crypto is old news but it continues to create opportunities for other countries to learn and adopt the future. You cannot continue banning crypto because you knew banning was not working. If something you cannot ban, either you adopt it or they ban you eventually.


Photo by Chastagner Thierry on Unsplash

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