C_NCENTRATE #586 - Illegal Crypto, crowdfunded space, 3D-printed houses, and animals thinking about death
CHINA MAKES CRYPTO ILLEGAL
China's central bank has deemed all cryptocurrency-related activities illegal and overseas exchanges providing such services inside China as unlawful. From trading to order matching, token issuance and derivatives for virtual currencies are all now illegal. China is showing the usually determined stance in a big move that rattled several markets (Bitcoin down +5%). Bejing cracked down earlier this year) that is unlikely to change soon. Whether this move is prudent or will spur other countries to open up to crypto remains to be seen. However, it is interesting that Indonesia has already said they are open for crypto business. Will the U.S. follow suit? The jury is out. Many see this as a way for the U.S. to gain a considerable advantage over China.
So why did they ban crypto? The ban might have something to do with the PBOC working on its own digital currency. Even with the ban, China remains one of the leading contenders in the race towards central bank-issued digital currencies. China has already tested a virtual version of the yuan in several regions.
SO WHAT?
__ DO __ Expect more drops as countries’ stances become clearer. Most saw China as an ally (or a cheap mining area thanks to low energy prices). Cryptocurrency remains an area of great scepticism due to murky moves, the CryptoBro persona, and the general lack of clarity. // __ DON'T __ Think there aren’t positives if countries move fast enough. As Michael Saylor (Bitcoin enthusiast) said, few things have created more wealth in the past decade than technologies that China banned. Crypto (currency) for now remains volatile; as several Salvadorian investors pointed out, Salvador lost many millions of tax revenue on a decision made hundreds of thousands of miles away. Something that isn't going to stop anytime soon until countries get a handle on the technology.
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