Elon Musk devastates China's crypto ban with one blow over Xi for fear of "losing power" | World | news
By Brandon Baker	 On Oct 11, 2021
The SpaceX boss spoke at Codecon, a tech event for developers, on September 28th. Speaking to the host of the event, Mr. Musk said, "China doesn't love cryptocurrency because cryptocurrency reduces the power of centralized government and they don't like it." Then the host of the event asked the Tesla boss: "They can influence cryptocurrencies more than they do China?"
In response, Mr. Musk just smiled before adding that "crypto has a long-term role and it is not possible to destroy crypto."
"Governments shouldn't do anything about Bitcoin and just let it be," he said.
The news coincides with China's recent sweeping cryptocurrency ban, which many suspect will pave the way for Beijing's release of its own digital currency later this winter.
China is currently testing its digital Chinese yuan, a government-backed digital currency.
This new digital currency offers the convenience of a cryptocurrency, but without the benefits of privacy and decentralization.
Beijing plans to showcase the digital Chinese yuan during the Beijing 2022 Winter Olympics and hopes it will be available for overseas visitors.
China has therefore pursued a scorched earth policy against all cryptocurrencies that are beyond its control.
According to Beijing, there will be a coexistence of the digital Chinese yuan with every other virtual asset like Bitcoin or Ethereum.
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In late September, China's central bank and its National Development and Reform Commission released a document banning cryptocurrency mining within the country.
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This was a development in an earlier raid in May that sent shock waves through the cryptocurrency markets.
The central bank in Beijing then issued another document on September 24 that made all cryptocurrency transactions within China illegal.
The document states that all companies that provide cryptocurrency trading services to Chinese citizens are considered illegal financial activities.
Speaking to Wired, Jonathan Padilla, co-founder and assistant director of the Future of Digital Currency Initiative at Stanford University, said, "The ban is comprehensive, absolute and comprehensive.
"It doesn't focus on one aspect.
"It appears that senior government officials are doing this."
However, the September 24 document did not have the same impact on crypto markets as China's move in May.
In fact, major cryptocurrencies like Bitcoin and Ethereum have risen in value since the Chinese central bank's document was released.
Ethereum is up 20 percent in the past seven days to a current price of $ 3,417.
Bitcoin is up 15 percent in the past seven days to a current price of $ 48,027.
It has been suggested that the cryptocurrency's current bull run, despite Chinese attempts to enact a complete ban, was due to it.
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