In my view, China leading in the race of stupidity. And here I think the United States was totally dropping the ball. Yet China is going after miners and exchanges.
I wonder how long it will last. The country has a history of reversing course. Either way, Chinese companies would be smart to start setting up operations elsewhere.
https://bitcoinmagazine.com/business/latest-china-ban-impacting-bitcoin
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Honestly I don't know if its because they want more people to use their digital yuan or not.
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If China loses the battle against crypto that will be a powerful sign to anyone that will think about something similar, so this events are definitely something worth keeping an eye on
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At the end of the day, this will lead people to move their businesses elsewhere. stiff government regulation mitigates innovation and inevitably harms the country's economy. i don't think this move will be favourable for the Chinese government in the long run
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I think we could see that happening down the road... the CCP won't be happy but they are creating their own mess
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