I don't think that any of the top 30 strongest economies will ever replace their currency by BTC. That confirms that there is no advantage at all in changing to BTC. There are now already about 15,000 different crypto's. The last year alone about 5,000 new crypto's were introduced. There will be more different crypto's then there are currencies in the world.
https://www.cnbc.com/2021/09/24/chi...rsh-crackdown-on-cryptocurrency-industry.html I think this might the news causing the current volatility.
China making all crypto transactions illegal. What do the crypto bulls say ? Old news ? Or a wrench in the gears ?
This is what I read: Chinese central bank declares all crypto transactions illegal. All acts related to cryptocurrencies are illegal, the Chinese central bank has stated. Owning and trading crypto coins has been banned in China for some time, but according to the People's Bank of China (PBOC), foreign companies are also not allowed to carry out crypto transactions for Chinese people. China wil also come soon with a digital yuan.
I doubt they'd replace it, I do wonder whether any would allow cryptos to be used alongside the fiat currencies though.
China clearly says NO. Too many Chinese smuggle big amounts of money out of China. China wants to take cpontrol back. On December 30, 2016, China People’s Bank of China issued Measures for the Administration of Financial Institutions' Reporting of High-Value Transactions and Suspicious Transactions, with the goal of targeting money laundering, terrorism financing and fake outbound investment transactions. As a result of the law, banks and other financial institutions in China have to report all domestic and overseas cash transactions of more than 50,000 RMB (appro.. $7350), compared with 200,000 RMB (approx. $29,400) previously. Banks will also need to report any overseas transfers by individuals of $10,000 or more. In addition, all banks must report to central government on every single foreign exchange transaction of at least $5 million. SAFE will supervise and halt any on-going ODI projects in which Chinese investors still need to transfer more than $50 million out of the country. Only once they have vetted the authenticity and legality of the company's ODI plans will the green light be given. Others will follow. No country will accept that a scam will control the finances of a country or the money flowing in or out.
https://www.coindesk.com/policy/2021/09/24/chinas-latest-crypto-ban-is-its-most-severe-insiders-say/ Justin Sun, the founder of the Tron blockchain, pointed out the latest ban does not deny citizens’ “freedom of owning and exchanging virtual currency,” meaning there’s no clear ban on crypto possession. This goes along with the 2013 ban, which states bitcoin trading is similar to commodity trading. China is saving one more FUD for when BTC is at $80K. I cant wait until BTC crashes to $60K when they blow their last load