Come on, China! Enough Already!
It's common knowledge for anyone in the crypto verse, that without the involvement of Chinese BTC miners, the value of the digital asset would easily lose over half it's value overnight. Yet their government persists in pushing hard measures to ban crypto from it's country altogether. How this is to be implemented in a realistic fashion is anyone's guess. However, that seems to be the long and short of it. Here's is the latest twist in the tail though...
It appears that China allows people to legally own it but not trade it on an exchange. To, you know, protect it's citizens from dodgy ICO's scams or unscrupulous exchanges. They also cite the reasoning that because it is classified as virtual property, this allows people to hold it freely. /yeah, I'm sure they've got the public's best interests at heart.
To me, this is a pointless game of cat-and-mouse they are playing. I firmly believe that these are just delay tactics to, one day, attempt to regulate the usage of Bitcoin and cryptos in general. After all, please correct me if I'm wrong but tracking thousands individual users who own Bitcoin throughout the country is nigh on impossible. The jails will be full to the brim with prisoners, all guilty of trading the so-called "demon" currency. This is all part of the process of regulation and normalization. And I see it as a natural, if frustrating, part of the growth of crypto over time.
However, I do love the way governments try to make everyone believe that they are acting in "the people's" best interests. Sure, it is easy to hide BTC in private wallets and move money around without the prying eyes of the powers-that-be. But the same could be said of cash, albeit minus a blockchain at hand to record all transactions.
Us early crypto adopters will have to play these mind games with governmental banks and institutions until some kind of middle ground is agreed upon. That will most likely take years. One thing is for sure though. Through the introduction of crypto currency, monetary power has been handed back to the people of the world. It cannot and will not be stopped. This Pandora's Box ain't never shutting again and eventually all global authorities will have no choice but to work "with" us, not "against" us.
I'll calling a decade. Hopefully sooner...
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