Call Me Stormy

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China Declares War On Bitcoin

China has declared war on bitcoin, but not for the reasons you might suspect.  And the news, says Chris Chappell of China Uncensored, is “stirring wider fear into a porridge of peril.”

And, as you probably guessed, it’s all about control. China accounts for 65 percent of all bitcoin mining globally, as compared to 7.2 percent for the United States. Problem for the Chinese is, bitcoin are created and circulated through a broad network of computers and not by a central bank or financial institution, totally operating outside of China Communist Party control. It gives Chinese people an option to use money completely free of CCP oversight.

So, in effect, the news of China’s dislike for the most popular form of cryptocurrency is part of a broader attempt by the CCP to create a national digital currency that it controls. Here’s more with Chris Chappell on China Uncensored.

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