China Could Soon Police Twinkies Through Digital Yuan

The world’s second largest economy has banned cryptocurrency.

Last week, per the Washington Post, “China’s National Development and Reform Commission banned all crypto mining” as a means to trying to move from coal powered electric generation.

This week, the People’s Bank of China (the country’s central bank) declared that Bitcoin, Ethereum and Tether are not “legal currencies” in the country.

It went further to make cryptocurrency trading via international digital exchanges illegal.

That shuts down Binance and Coinbase in the country.

This is a great idea if you want to create a monopoly.

Getting rid of the competition is tough for corporations, but not so hard for authoritarian governments that want to establish their own digital currency. China has been experimenting with the digital yuan for a couple of years.

This action clears the field for government controlled money that can be traced, unlike cash.

In the near future, you may get a knock on the door from the food police if they discover you’ve been eating to many Twinkies.

https://www.washingtonpost.com/world/asia_pacific/china-ban-bitcoin-cryptocurrency/2021/09/24/971275a2-1d1f-11ec-bea8-308ea134594f_story.html

Source: https://jeffkoeppel.wordpress.com/2021/09/26/china-could-soon-police-twinkies-through-digital-yuan/