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China declares all crypto-currency transactions illegal

AgniSarp 666

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https://www.bbc.com/news/technology-58678907

http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4348521/index.html

China, through the voice of its central bank, said on Friday that all activities related to digital currencies are "illegal " and should be banned. After that, Bitcoin dropped 8%.

In its statement, the People's Bank of China said the latest warning was aimed at further preventing the risks surrounding cryptocurrency trading and maintaining national security and social stability.

Citing bitcoin, ether and tether as examples, the central bank said cryptocurrencies are issued by non-monetary authorities, use cryptographic technologies and exist in digital form and should not be spread and used in the market as currencies. China's central bank specifically targeted foreign cryptocurrency exchanges by claiming it was illegal for them to provide online services to residents of China.

As early as May of this year, a powerful Chinese super-regulator pledged to crack down on bitcoin trading and energy-intensive mining, helping to plunge the price of bitcoin, but it has rebounded again. The country's financial regulators also became stricter with banks and payment companies, and in June ordered them to take a more active role in eliminating cryptocurrency-related transactions.

This latest harsh directive, which sent Bitcoin down more than 8% on Friday, comes as global markets are increasingly concerned about a debt crisis involving real estate developer China Evergrande Group, and which many have speculated would lead to a surge in cryptocurrency capital outflows bypassing China's Great Firewall. According to Bloomberg, the Chinese government may also respond to signals that miners are masking their businesses to stay in business.

Is this offensive against private crypto currencies another sign of the Chinese "cultural revolution"? Punishment of the wilder private aspects of the market? Yes and no. In any case, it is done with the approval of the International Monetary Fund. And it is a prelude to an attack by the globalists on these "private" and decentralized pseudo-currencies for a specific purpose: according to DWN, Beijing has only given the signal to start a global "world war" against Bitcoin & Co. in favor of creation of central bank digital currencies. All other countries will follow China's example. The IMF also wants it.

Let's recap:

"Virtual currency trading activities are illegal financial activities," the central bank said. These "would seriously jeopardize the security of people's assets ". China has been one of the largest cryptocurrency markets in the world so far.

That China has started this "war on cryptocurrency" therefore makes perfect sense. In the new global monetary system, digital central bank currencies will largely replace cash. Almost all central banks in the world in association with the IMF agree on this. Decentralized cryptocurrencies have so far posed a danger here because they are not subject to any central control.

It must always be remembered that the IMF is the creator of this process. Central banks are in second place as executive bodies, while the finance ministers of individual states are in third place.

A look at national governments' attitudes towards decentralized cryptocurrencies makes it clear why other countries will follow China's lead:

During her confirmation hearing as Secretary of the Treasury on January 22, 2021, Janet Yellen - former Federal Reserve Governor - raised concerns about the use of cryptocurrencies: "These currencies are a particular problem £," she said: "I think many are - at least in a transactional sense - mainly used for illicit financing. At the same time, I think it's important to consider the benefits of cryptocurrencies and other digital assets, as well as the potential they have to improve the efficiency of the financial system. "

The UK's Financial Conduct Authority (FCA) announced in September 2021 that UK consumers must be protected from dubious cryptocurrency investments as vulnerable people run the risk of jeopardizing their financial future. FCA president Charles Randell said urgent action is needed to prevent risky or fraudulent cryptocurrency investments from attracting investors, including through social media influencers.

“Social media influencers are regularly paid by scammers to help them pump and dispose of new tokens in the wake of pure speculation. Some influencers advertise coins that simply don't exist, ”Randell quoted in the Financial Times.

ECB chief Christine Lagarde said in an interview with decentralized cryptocurrencies "Bloomberg" that they have the true qualities of currencies. Instead, he advocates the introduction of central bank digital currencies, reason: the digital euro is expected to arrive soon.

Decentralized cryptocurrencies are not banned in Russia, but Moscow has placed serious legal obstacles to make the use of Bitcoin & Co. more difficult. In July 2020, the first regulatory laws were passed, according to which cryptocurrencies were classified for the first time as taxable goods. Furthermore, Russian officials are completely prohibited from owning cryptocurrencies. According to “euronews”, Russian President Vladimir Putin has repeatedly linked cryptocurrencies to criminal activities and, in particular, has focused more attention on cross-border crypto transactions. The Moscow Attorney General's Office announced a new bill in July 2021, according to which the police should be allowed to seize illegally acquired cryptocurrencies in the future.

According to Strategika 51, Tehran, Moscow and the other SCO countries are about to follow China's lead by making crypto illegal.

On September 18, 2021, Turkish President Recep Tayyip Erdoğan also said at an event with students and traders according to the Turkish-language Bloomberg report: “We are waging a separate war and our own fight (against cryptocurrencies). We will put an end to cryptocurrencies. Because we will continue to manage our currency with our identity ”.

The Inspirer: the IMF

Current IMF chief Kristalina Georgieva has repeatedly advanced arguments against the use of decentralized cryptocurrencies in the past. He recently claimed that Bitcoin is far from becoming a currency.

Georgieva believes central bank digital currencies will be the safest form of payment. The IMF must move forward to offer countries a platform that will enable future interoperability for numerous digital central bank currencies, he said.

It can be assumed that the digital infrastructure for the introduction of digital central bank currencies is expected to be completed by May 2022. In the course of the current crown crisis, there is a complete digital upheaval.

This almost certainly explains the real reason for the frenzied rush to vaccinate 100 per 100 of the population. “…. maybe the digital vaccination booklets, which many have by now, will undergo a transformation phase to convert them into digital wallets ”, insinuates DWN:“ So it would also be possible to make payments with the currencies of the digital central bank using these new digital wallets ”.

Source:

https://www.maurizioblondet.it/la-cina-dichiara-illegali-le-criptovalute-la-seguiranno-tutti/
 
I support decentralized money and the right to privatization but the highest authority must be the Government. The Government must control and supervise them to avoid any form of abuse.

Personally, for the moment I don't consider digital money a very safe and solid thing. Look at cyber-attacks, what if the hard drive crashes and your life savings instantly go into the ether?
 
Funny not sure if it's only Bitcoin as that is the big baller or other crytpo as well.

But estimates of illegal transactions with crypto is anywhere from less than 7% to less than 3%. I believe the U.S. dollar is like almost 30% illicit and even something like 18% of dollar bills are fraudulent, forgeries.

Crypto even shadow wallets that hide information from the block-chain. A transaction occurred but the data that COULD in certain cases reveal the person as has occurred to some white supremacists groups, isn't seen. So hence shadow wallet/transaction.

But the illicit use of crypto is SO pathetic that crypto is AWFUL for illicit transactions.

All these so-called economists don't understand. Funny if crypto does get into negativity i.e. ban or extreme restrictions. It just proves humanity can't have nice things with the kikes and shabbos around.

These retards KNOW NOTHING about crypto or they know much about crypto and realize this is out of hands. Oy vey, vey oY!

Funny the comment from Tehran, Iran. If anything Iran re-legalized crypto cause they were told you can use crypto to purchase stuff on the international market. Make capital from crypto accept crypto for oil payments and make more money from the market speculation memocracy. Basically what happened is some Iranian told the Government all this stuff and it was a WTF moment for them realize they closed themselves off out of millions and billions of shekels.

Funny I do believe crypto is and HAS been getting attacked for a long time but crypto is probably too big to fail and too big to jew it up cause funny enough with the fact there is so much being created it's impossible to stop the snowball effect of crypto.

I can SEE crypto being harmed significantly but outright banned or toppled would be a HUGE retarded thing to do. Even many of the elites the ones who hate people and their country. Who do use crypto or invest in crypto would have a WTF moment. And then what happens when they scream "MY SHEKELS, MY SHEKELS", I highly doubt an elite wants to lose a multi-million/billion dollar chunk of their wealth.
 
Master said:
I support decentralized money and the right to privatization but the highest authority must be the Government. The Government must control and supervise them to avoid any form of abuse.

Personally, for the moment I don't consider digital money a very safe and solid thing. Look at cyber-attacks, what if the hard drive crashes and your life savings instantly go into the ether?
That's why you do not put all your eggs in one basket, and also cyber security plus secured hardware plays a role.
 
Henu the Great said:
Master said:
I support decentralized money and the right to privatization but the highest authority must be the Government. The Government must control and supervise them to avoid any form of abuse.

Personally, for the moment I don't consider digital money a very safe and solid thing. Look at cyber-attacks, what if the hard drive crashes and your life savings instantly go into the ether?
That's why you do not put all your eggs in one basket, and also cyber security plus secured hardware plays a role.

Cryptocurrencies can be transferred like files, right? As in cut and paste and not copy and paste?

If that's the case then it's like going to the bank to get cash as opposed to the non-real money you put in your credit card, even if changes happen to the money you have in your bank account.
 
Master said:
Henu the Great said:
Master said:
I support decentralized money and the right to privatization but the highest authority must be the Government. The Government must control and supervise them to avoid any form of abuse.

Personally, for the moment I don't consider digital money a very safe and solid thing. Look at cyber-attacks, what if the hard drive crashes and your life savings instantly go into the ether?
That's why you do not put all your eggs in one basket, and also cyber security plus secured hardware plays a role.

Cryptocurrencies can be transferred like files, right? As in cut and paste and not copy and paste?

If that's the case then it's like going to the bank to get cash as opposed to the non-real money you put in your credit card, even if changes happen to the money you have in your bank account.
It can be put that way, yes.

There is a fixed amount of bitcoin available so there is not "printing it" causing inflation. Some have written that it acts as a deflatory measure. While I never looked at bitcoin like that before, it is true when you think about it.
 
Henu the Great said:
Master said:
Henu the Great said:
That's why you do not put all your eggs in one basket, and also cyber security plus secured hardware plays a role.

Cryptocurrencies can be transferred like files, right? As in cut and paste and not copy and paste?

If that's the case then it's like going to the bank to get cash as opposed to the non-real money you put in your credit card, even if changes happen to the money you have in your bank account.
It can be put that way, yes.

There is a fixed amount of bitcoin available so there is not "printing it" causing inflation. Some have written that it acts as a deflatory measure. While I never looked at bitcoin like that before, it is true when you think about it.

Inflation is really a stupid and retarded thing.
 

Al Jilwah: Chapter IV

"It is my desire that all my followers unite in a bond of unity, lest those who are without prevail against them." - Satan

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