China is Afraid of Bitcoin because their goal is to be able to monitor every citizen at all times so that the population can be controlled more easily.
Bitcoin is the people’s currency backed by the people. The purpose of Bitcoin is to give all its users the freedom to live their lives on their own terms. Bitcoin gives you back the power over your money.
For China, it is inconceivable that its people would have such power. This could be dangerous for the central power in the future.
So China is pushing its digital yuan which will allow it to monitor its population even better in the future. This is the last piece of the Chinese social credit system. The government will be able to censor all financial transactions of the people.
It will be even easier to separate good and bad citizens.
Limiting the success of Bitcoin in China while forcing the people to adopt the digital yuan is the goal of the Chinese Communist Party in the coming years.
As Westerners, we should remain alert to the mass surveillance society that our governments will also try to impose on us in the years to come.
Bitcoin is our best weapon against this.
Crypto-currencies are not allowed to be used in China because they have no ‘inherent’ value. They are virtual asset not a physical one – not backed by anything physical such as gold, silver, stocks and shares, real estate, etc.
Crypto currencies are also powered by the burning a cheap coal power station that are highly polluting.
China believes Cryptos are dead if they continue on their current trajectory which people suspect they might as nations start to shut them down and refuse to accept them or convert them into cash.