(ConservativeInsider.org) – China notoriously limits its citizens’ freedom regarding religion, education, free time, and finances. The People’s Bank of China made the latest move to minimize rights in the nation by banning cryptocurrencies.
On Friday, September 24, China’s central bank issued a national ban on cryptocurrency mining and trading both within the nation and overseas. This will likely cut down on China’s carbon footprint, as the nation currently hosts a lot of Bitcoin mining operations, which rely heavily on enormous computers and data storage banks. After the announcement, shares in Bitcoin, the world’s most popular cryptocurrency, dropped 5%.
While many were initially shocked at the move and nervous about the small stock decline, Senator Pat Toomey shared his own view of the crackdown:
China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.
— Senator Pat Toomey (@SenToomey) September 24, 2021
Toomey also used this move to highlight the freedom in US markets, emphasizing that “economic liberty leads to faster growth, and ultimately, a higher standard of living for all.” While many news outlets focused on China’s crackdown, many ignored the other development in cryptocurrency last week. Twitter began allowing users to send and receive Bitcoin using Lighting wallet, making it easier than ever before to send this currency all over the world in a split second. This will likely give these currencies a boost in the markets in the weeks to come.
So, while China is busy making moves to restrict its citizen’s economic freedom, other platforms are simultaneously taking advantage of this new economic development and pushing our world further into the future and freedom of cryptocurrency.
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