China Bans Anything That Promotes Freedom – It Is an Honor for Bitcoin To Be Banned by China

China Bans Anything That Promotes Freedom – It Is an Honor for Bitcoin To Be Banned by China

By ssaurel | In Bitcoin We Trust | 29 Sep 2021


I don't know if you've noticed, but at the moment, hardly a week goes by without the Chinese government announcing new bans for the population. In fact, in recent days, the pace seems to be accelerating.

For a few months now we have been witnessing a real takeover of the country by the central power in Beijing. The Chinese government had been letting things go in many areas for several years, and now the party is over. Xi Jinping wants to show that he is the one who holds this country in an iron grip.

The episode of Jack Ma who disappeared for several weeks after daring to criticize the Chinese Communist Party at the end of 2020 is still on everyone's mind.

Xi Jinping wants to control every aspect of Chinese society even more firmly

At the beginning of September 2021, we learned that Beijing was banning effeminate men from national television. At the same time, the Chinese government reminded broadcasters that they had to promote the "cultural revolution". This is a way for Beijing to strengthen its control over business and society while reinforcing official morality.

Last week, Beijing reiterated that Bitcoin was banned in China with a statement from the PBOC (People’s Bank Of China) saying that transactions in Bitcoin and cryptocurrencies were illegal. This of course caused a stir in the cryptocurrency world and caused the market to fall as usual.

Not many people noticed, but on the same day, China also banned the Marvel movie "Shang-Chi". Xi Jinping is keen to control every aspect of Chinese life, be it economic, cultural, or educational.

Everything must be done to preserve the power of the Chinese Communist Party.

The freedom of individuals must therefore be constrained within the framework defined by the central power in Beijing. It cannot be otherwise. This is why China even banned Winnie the Pooh from China in 2018 because of the mockery of the cartoon character's resemblance to Xi Jinping.

You can see how far this can go.

If you had bought $1,000 worth of BTC every time China banned something, you would probably be a billionaire today.

China bans Bitcoin to make way for its e-RMB to be imposed on the people

Seeing China ban Bitcoin and repeating this over and over again when everyone already knows it must finally be seen as a credit to Bitcoin. It is a sign that Bitcoin is seen by Beijing as a guarantee of freedom.

Beijing would not tolerate a monetary system that empowers the people. Again, that would be too great a risk.

By banning Bitcoin and cryptocurrencies, Beijing also has a very clear strategy that has already been applied many times over the last twenty years with all new technologies. China has banned Facebook, YouTube, Google, and WhatsApp to make room for Chinese competitors such as Weibo, Youku, Baidu, and WeChat.

In this respect, it will not have escaped your attention that China has been working hard on its central bank digital currency, the e-RMB, for over two years now. Progress has been very rapid and the e-RMB is already in advanced testing in many major Chinese cities.

Now that the e-RMB is very close to being offered, or rather imposed, on Chinese citizens, Beijing wants to make room to make sure that the Chinese have no other alternatives available to them. Alternatives that give them more freedom, of course.

While the Chinese people will be hard hit, Bitcoin will continue its revolution with or without China

So it's no surprise that Bitcoin is banned from China, as well as cryptocurrencies. This does not mean that people will stop using these new technologies. It just means that the general public will have little chance to access them.

Those who want to buy Bitcoin will always find ways. You know how human nature is. When you are forbidden to use something, you want to use that thing even more. This will happen in the same way in China in my opinion.

As for the e-RMB, it represents the antithesis of Bitcoin. An even more dangerous version of a fiat currency. While being centralized, the e-RMB will also allow the Chinese government to better monitor all transactions made by the population.

In short, the e-RMB is the last missing piece in the puzzle of China's social credit system that will allow Xi Jinping to control the country even more strictly. Under these conditions, it seemed obvious that Bitcoin should be banned.

While this will not change the future of Bitcoin, it will put Chinese citizens at even greater risk in a system that does not allow them any freedom.


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ssaurel
ssaurel

Entrepreneur / Developer / Blogger / Author.


In Bitcoin We Trust
In Bitcoin We Trust

In Bitcoin We Trust is a place where Bitcoin believers share their ideas about the upcoming revolution. Blockchain and cryptocurrencies are also covered in this publication.

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