[PT. 2] China Bans All Cryptos as They Increase Gold Ownership...by LYNETTE ZANG

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China used to be the main engine for crypto currencies, with most of the mining and trading happening there. Crypto adoption was encouraged, because that would support the goal of getting the population comfortable with this new form of currency. But whenever the communist party feels threatened, everyone can see who is really in control.

Because that is really what programable currencies are all about for governments and central banks, though it is most obvious in China. Therefore, China loves crypto currencies as long as the communist party is in control.

Back in March the PBOC (People’s Bank of China) stated that the digital Yuan would co-exist with Alipay and WeChat payment systems.

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