As a Technocracy, it is no surprise that China would summarily wipe out any and all competition for its own central bank issued currency. Secondly, this is a form of capital controls because many citizens were moving their wealth offshore with Bitcoin and Ether. That avenue is now closed. ⁃ TN Editor
China expanded its escalating crackdown on cryptocurrencies on Friday when its central bank declared that all activities related to digital coins are “illegal” and must be banned.
In a statement the People’s Bank of China said the latest notice was to further prevent the risks surrounding crypto trading and to maintain national security and social stability…..
Naming bitcoin, ether and tether as examples, the central bank said cryptocurrencies are issued by nonmonetary authorities, use encryption technologies and exist in digital form and should not be circulated and used in the market as currencies. The PBOC specifically targeted overseas cryptocurrency exchanges declaring that it was illegal for them to provide online services to residents in China. …