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Communist China Announces Another Ban On Cryptocurrencies

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The Chinese Communist Party has always been hellbent on making life more difficult for their citizens and they don’t seem to be slowing down soon. 

Recently, China’s central bank, the People’s Bank of China, declared that all cryptocurrency-related transactions are illegal and must be prohibited. This announcement instantaneously spread unfounded fear among retail investors, dragging the price of bitcoin to as much as 5.5% before the end of the week.

The central bank classified cryptocurrencies such as Bitcoin and Tether as non-fiat currency that should not be used in the market. This harsh directive is totally unsubstantiated and shows how ignorant the greedy communist regime is. Blockchain, cryptocurrencies and decentralized finance are not just trends that will go away, the solid technology and groundwork that this nascent industry is built upon holds much promise in the arena of innovation.

The CCP’s tactic to destroy the Chinese people’s trust in crypto has been a long-running routine that they’ve been trying to pull off for many years. But just like most innovations that effectively solve problems, no level of hype or doubt can affect cryptocurrencies in the long run.

“News out of China definitely impacts markets because it can shake market sentiment, but the actual effect of another Chinese ban has minimal impact on underlying market structure at this point,” Clara Medalie, the research lead at the data provider Kaiko stated in an interview.

Even though the Chinese government’s efforts to put a chokehold on cryptos has largely affected the entire world market, the effects were only temporary. After a severe crackdown on crypto miners a few months ago, the industry rebounded gradually to higher levels, proving that the community behind this technological innovation is tighter and stronger than ever.

The falling prices of most digital coins are due to the sell-offs caused by market uncertainty. However, this is only a knee-jerk reaction, especially by the discouraged newbies in the world of crypto. Every time bitcoin takes a plunge though, the communist dictators in China are celebrating this negative occurrence in the digital realm. 

This is why our government should take notice of what China has been doing to destroy cryptocurrency and avoid imitating their self-serving policies. Miners and programmers are already flocking to America in search of a refuge for their crypto and blockchain technology. Preventing the development of these innovations will send our nation back into the dark ages.

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