A follower of the crypto market sees the almost daily news that talks about new bans from China for various activities of cryptocurrency.

According to financial analyst Christopher Wood and global head of equity strategy at Jefferies, Chinese officials do not want any competition for the digital renminbi.

This is why they have cracked down on Bitcoin and other cryptocurrencies recently.

China cares about its digital currency, not its carbon emissions:

Believes Christopher Wood, a prominent financial analyst who focuses on analyzing the Asian market, says there are more negative attitudes from China against cryptocurrency mining and trading.

In his opinion, the authorities don’t really care about carbon dioxide emissions and the environment as they claimed before.

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All they aim at is to neutralize the competition for its own digital yuan, he added:

Certainly, the decentralized aspects of blockchain technology, which are so attractive to libertarians opposed to fiat currencies as government monopolies, are the exact opposite of the Chinese collectivist system.

The People’s Republic of China clearly understands this.

This is certainly a much more important issue for Beijing than the carbon emissions from bitcoin mining.

Wood predicted that the most populous country would be very close to launching a CBDC digital currency, which he expected to happen at the end of 2021, and commented on this:

China doesn’t want any competition when it launches the digital renminbi nationwide, most likely in the last quarter of this year.

While the financial analyst expects the United States to be more flexible and adaptive to cryptocurrencies.

He noted that such a ban is not likely to happen in Western countries.

China’s war on cryptocurrency:

In late May, the Financial Stability and Development Commission of the State Council of China reiterated the ban on bitcoin mining and trading.

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A local journalist noted that this is the first time that the highest level of the Chinese government has explicitly proposed a blow to the mining industry.

After the announcement, the dollar value of bitcoin plummeted by nearly $5,000 within an hour.

The price of the larger digital currency took another big hit last week when the Agricultural Bank of China announced a ban on the use of cryptocurrencies.

The country’s third largest bank has also banned its customers from interacting with bitcoin and other digital currencies.

The crypto community speculated that the giant state-run bank has intensified its opposite stance on cryptocurrency due to the upcoming digital yuan.

China seeks to be the heart of the global economy and eliminate the dollar.
It seems kindly as the next bubble digital yuan may change the course of the global economy. For this reason, negative news was published and it will continue if the yuan is the target, or the negative news will be interrupted if the goal is to acquire the largest number of bitcoins at a lower price.

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– Crypto Alarab (Crypto_Alarab) May 22, 2021

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