If other countries can, US can too. It just doesn't want to. It wants to let it permeate to other countries to eventually dilute the influence of other currencies so China will have no choice but to accept it. If China doesn't accept it, it will be cut off from global commerce. And if it accepts it, it will have to contend with the fact that its Yuan will not be able to dominate.
I think US gummint are ok with crypto. It offers a nice little portal into viewing the underworld shifting their assets around. Just another headsup tool they can use for monitoring. Crims think they are outsmarting gummint, lmao.
https://www.marketwatch.com/story/c...-weapon-against-u-s-11617898291?mod=home-page China’s bitcoin crackdown contradicts Peter Thiel’s belief that it is a ‘financial weapon’ against U.S. Published: April 8, 2021 at 12:11 p.m. ET Billionaire venture capitalist Peter Thiel made waves Tuesday when he suggested that bitcoin could be thought of as “in part a Chinese financial weapon against the U.S.,” because, he argued, bitcoin undermines the U.S. dollar’s status as the world’s reserve currency. “From China’s point of view, they don’t like the U.S. having this reserve currency because it gives the U.S. a lot of leverage over Iranian oil supplies and all sorts of things like that,” the PayPal founder and Facebook board member said during a virtual event for the Richard Nixon Foundation. Bitcoin, he added, “threatens fiat money, but it especially threatens the U.S. dollar, and China wants to do things to weaken it.” Thiel’s past statements on bitcoin, along with China’s overall policy toward the virtual currency, may be at odds with his most recent analysis. In 2018, for instance, Thiel told CNBC that he saw bitcoin as an excellent store of value, but not something that would likely be used for everyday transactions. “I’m not talking about a new payments system,” because transaction costs are too high, Thiel said. Rather, “it’s like bars of gold in a vault that never move, and it’s a sort of hedge against the whole world going falling apart,” he said. Investors often liken bitcoin to gold, traditionally viewed as a hedge against inflation or a serious economic downturn, and some analysts have used gold’s current market capitalization as a means to calculate a price target for bitcoin over the long term. But conceiving of bitcoin as digital gold by definition means that it will not serve as a replacement for the dollar as a medium for everyday transactions. As for whether bitcoin threatens the U.S. dollar as the world’s reserve currency, most economists are doubtful. “The dollar is the world’s premier reserve currency because it has a stable value (low inflation), a large supply of safe assets and the credibility of the U.S. economic and legal system,” said Agustin Carstens, general manager of the the Bank for International Settlements, said in a January speech. “Investors can also easily access the U.S.’s deep and efficient capital markets, without worrying about capital controls” he added. “These factors are likely to remain the primary drivers of global reserve currency status.” Bitcoin does not share the traits listed above: it does not maintain a stable value and its fixed number of coins means that it can’t keep up with an insatiable global demand for safe assets like the U.S. debt market can. Indeed, investor willingness to fund more than $21 trillion in U.S. public debt, often at negative real interest rates, shows that the U.S. dollar continues to have massive appeal even as cryptocurrencies go mainstream. Furthermore, China’s actions over the past decade show that it is deeply skeptical of bitcoin and likely sees it as a threat to the power of the Chinese Communist Party. In 2017, the People’s Bank of China and five other ministries banned financings using cryptocurrency, like initial coin offerings, and banned the exchange of fiat money for cryptocurrency, according to Rain Xie of the Washington University School of Law.
See told you China doesn't like bitcoin because it sees it as a threat to its own currency Yuan and it sees it as "financial weapon" that US is using against China.
Crypto a little like casino chips? A type of currency which suits some people some of the time but not legal tender when shopping on main street. Crypto is another window of opportunity gummint can possibly use for surveillance. https://www.eff.org/deeplinks/2020/...rency-expand-reach-its-financial-surveillance
https://www.bloomberg.com/news/arti...o-as-world-warms-to-bitcoin?srnd=premium-asia Cryptocurrencies Singapore Warns Public Against Crypto as World Warms to Bitcoin By Joanna Ossinger 6 April 2021 Singapore once again warned the public about the risks of trading cryptocurrencies like Bitcoin, a market that while relatively small in the city-state has surged in significance over the past year. “Cryptocurrencies can be highly volatile, as their value is typically not related to any economic fundamentals,” Tharman Shanmugaratnam, the chairman of the Monetary Authority of Singapore, said in response to a parliamentary question on Monday. “They are hence highly risky as investment products, and certainly not suitable for retail investors.” He said that cryptocurrency funds are not authorized for sale to retail investors. The MAS also has powers to impose additional measures on digital token service providers, under which exchanges offering the trading of cryptocurrencies are regulated, as needed, according to Tharman, who is also senior minister and coordinating minister for social policies. Tharman’s comments come as the total market value of cryptocurrencies pushed past $2 trillion for the first time, doubling in about two months amid surging institutional demand. Bitcoin has been on a tear as investors dabble in crypto as a way to boost returns on cash in a world of near-zero interest rates, with the likes of Tesla Inc. saying last month it will accept its use as payment for cars. While the likes of Elon Musk, Mark Cuban and Paul Tudor Jones have endorsed cryptocurrencies, Tharman isn’t the only regulator to express caution about an industry where fraud is still a concern. A European Union watchdog recentlywarnedof “significant” investor risks after Bitcoin’s gains, and Gary Gensler, the nominee to lead the Securities and Exchange Commission,saidin his confirmation hearing that ensuring the crypto market is free of fraud is a challenge for the agency. Meanwhile, authorities in Singapore have stepped up efforts to combat money-laundering and terrorism financing risks associated with cryptocurrencies, Tharman said. Among the measures it has taken, the MAS has increased surveillance of the crypto sector to identify suspicious networks and higher-risk activities that may need further scrutiny, Tharman said. MAS is also continuing to raise awareness on risks of investing in digital assets to help people avoid being cheated or “inadvertently used as mules,” he said. “The crypto assets space is constantly evolving,” Tharman said. “MAS has been closely monitoring developments and will continue to adapt its rules as needed to ensure that regulation remains effective and commensurate with the risks posed. Investors, on their part, should exercise extreme caution when trading cryptocurrencies.”