Over the past few days, the prices of bitcoin (BTC) and other cryptocurrencies are recovering nicely from the rather severe dip last week. However, it seems that news from China is throwing a spanner in the works.
China’s central bank, the People’s Bank of China, has announced yesterday that they will take further measures against the trading of cryptocurrencies in the country. A memo even suggests that China will completely ban all trading in cryptocurrencies.
This is, of course, part of a trend that has been going back for years. A few months ago, the Chinese government announced that it mine of cryptocurrencies would come to a halt in the country with all the consequences that entails.
sen. Pat Toomey
This big news caused a huge commotion within the world of crypto. It is not yet known whether the consequences for the crypto industry will be long-lasting. In the United States, the news is at least positively received by a senator.
Pennsylvania state senator Pat Toomey sees new draconian measures to… crypto in China as a prime opportunity for the United States. He speaks out on the social media platform Twitter.
China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the US It’s also a reminder of our huge structural advantage over China.
— Senator Pat Toomey (@SenToomey) September 24, 2021
“The authoritarian crackdown on crypto, including #Bitcoin, is a great opportunity for the US. It is also a reminder of our structural ascendancy over China.”
He lashes out hard at the Chinese government. According to him, the government there is completely at odds with the idea of financial freedom for citizens. Even the most innovative new technology cannot ensure that citizens are allowed to enjoy more freedoms, says Toomey.
How exactly Senator Toomey envisions that the United States will make use of the opportunities that the developments in China offer the country is still unknown.