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4 years ago in LeoFinance by bitcoinflood
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My country has called digital assets a matter of freedom of expression, so unless there's a high bar of "harm" to cross before they can be banned. The tax laws around them are a bit onerous and I'm still working through it all.
I think CBDCs are a bigger issue for trade currencies like the USD, Pound and Euro. Already developed small countries can wait and see. Large or countries with a underdeveloped financial sector might act sooner too.
Sadly, the State is the problem here. Or should I say 100 or so individuals hiding behind the apparatus of the State. We all become the bank sooner rather then later. People don’t hate China. It’s the State paranoia that the world doesn’t care for. In the end freedom wins.
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I really don't understand why the mainstream media, let alone the supposedly pro-decentralisation crypto media, is so against China 'banning' Bitcoin.
They're an authoritarian government... Of course they are banning a permissionless, decentralised monetary system they can't control.
Why is this even news?
Bitcoin is literally designed to undermine authoritarian governments such as the CCP.
But by banning the decentralised Bitcoin at home, it will do nothing to discourage its growth and entrenchment throughout the rest of the world and eventually will come back to bite them.
Bitcoin is doing its job.
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They like to talk a lot of stuff but all the news anymore isn't backed up by any facts it's just garbage to get people to read it. I guess people aren't entertained by real news anymore. But honestly I find it fascinating. Bitcoins dip in price is because miners needed to cash in to move all of their equipment. Won't be long till we see price and mining start to ramp up again.
Closing your boarders and threating other countries is a great way to kill your economy lol
Yeah a lot of countries will go the CBDC way no doubt, my hope is that by doing this, more people will realize what the cryptos offer and will opt in. CBDC’s will most likely offer the same amount of interest on savings as the fiat, by the time people realize that they can gain much more with real cryptos, I’m sure they will move.
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The lion of Asia will soon be flayed by its own interests.
At the end of it all, this excessive control by the economy will be his trigger.
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It will be interesting to see. Tyrannical states can operate for a long time.
The key with China is that it is seeing its population (more of) getting wealthier over time. As they pull people out of poverty, which they are doing at a good pace, that tends to keep the people happy.
It is rather ironic that they are keep their people appeased by making their lives better unlike say the Soviet Union.
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But they are benefits at a very high cost, in the soviet union it was nationalism and superiority, but sacrificing freedom and many other things.
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What most overlook is the shift to CBDC enables the government, any government, to bypass the central bank.
As much as we complain about the Fed, imagine monetary policy in the full control of Pelosi, McConnell, and AOC; and with programmable money at that.
Sorry I will take Powell any day.
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Well I think any digital system is far superior to the existing financial system. So yes I think crypto will be the future and we just need to continue filling our bags.
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