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Sirwin

Lesson Learn from China's Crypto Ban

By xuanling11 | Crypto Learning | 10 Oct 2021


China plans to add crypto mining to the negative list of industries to invest in. The Chinese government wants to kill crypto mining once for all. However, this time is different from the previous ban. The crypto market cares less than what China can do and will do.

 

Why does China constantly diminish crypto? 

The definition of freedom is different in the Chinese government. They believe that freedom is given by the state but not from human nature. Crypto hurts the state and prevents them from controlling citizens. 

 

Why crypto mining?

Crypto mining consumes energy. It competes with the state on resources. They can become a bank with their own crypto to compete with the state.

 

Shut down crypto mining 

To shut down crypto mining, China will push out crypto in the future and continue forcing us to work on the current system. They want the global to continue trading and buying their products while using the current system to lower their current rate to attract more investors to buy their products and investments.

 

Blockchain technology has survived 

Although shutting down crypto mining, blockchain technology has become popular in China. Many industries including medical products are implementing blockchain to trace product transactions.

 

China wants their currency domination 

E-RMB or CBDC forces their citizens to adopt and use. They want to have transformed currency to become purely digital. The progress will need to be smooth without any competition to hinder the rollout.

 

China is building a sky net 

China wants a currency system integration with citizens’ data and linking every activity together. Such a system can further develop into surveillance programs to spy and punish citizens.

 

China forces crypto companies out

Any companies that have the ability to mine and develop crypto will be blacklisted and pushed out. They want to develop a pure surveillance state to watch their citizens or expand into global citizens.

 

Crypto is a surveillance prevention plan

However, banning crypto means that crypto did have the capability to prevent state surveillance and help citizens secure their privacy.

 

In conclusion

Crypto has passed the cold of China and develops immunity to prevent China’s ban. It stands out as become a solution to prevent any state’s surveillance program and gives citizens a way to protect themselves.


Photo by Chris Yang on Unsplash

Note: the post was shared on multiple platforms.

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