China: Central bank declares all cryptocurrency transactions 'illegal'
The People's Bank of China moved to bar all cryptocurrency transactions
Friday. Overseas exchanges providing cryptocurrency services to mainland
China will be considered illegal.
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Wow - Xi has gone REALLY paranoid now. He wants TOTAL control
and knowledge of EVERY little transaction at home or elsewhere.
I suspect he thinks he has, likely DOES now, enemy traitors
everywhere plotting against him and he neo-com 'utopia'.
Actually, the US govt is plotting to track all but the most
petty transactions by abusing the IRS. More than $600 in or
out of the bank and the IRS gets informed. They SAY it's
to catch tax cheats ... but .....
As for Xi, in a mere few months he's made serious progress
in demolishing the fiscal - and thus social - foundations
of modern China. For workers and businessfolk there is now
no path 'up' - 'up' makes you a SUSPICIOUS PERSON and the
PRC has a VERY bad record in that respect.
Some say Xi is just clearing the ranks, crushing possible
dissenters and those capable of dissent, in preparation
for WAR. Somehow though, this sounds more like some
psychological issue of HIS - paranoia mixed with a godlike
New Savior Mao-2021 complex. This sort of stuff has been
going on for several years now, it's just getting worse.
China DID have it pretty good, on track to become the
#1 economy and influence in the world, but that's all
swirling down the drain now. MIGHT be time to look into
a replacement before it's the 1950s and Red Guard terror
all over again ......