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The market went awry again, just a few green candles to full recovery from the previous crash, we got hit with yet another FUD; this time around, a very common one. $100 billion wiped in a few minutes; the Chinese dynasty has once again banned cryptocurrency, declared cryptocurrency transactions ‘illegal’ and vowed to crackdown cryptocurrency…sorry, cryptocurrency exchanges, the former is near impossible. At a time where cryptocurrency is penetrating the most important sectors of national economy and technology and proving utility, waking up to a development like this is odd. Well, not so odd. Cryptocurrency and decentralized solutions might never sit well with centralized governments, which unfortunately is the global practice.
Nations and institutions banning cryptocurrency commonly cite toxicity as a major reason for the rejection or ban. But for a concept called ‘Toxic’; cryptocurrency and blockchain technology are contributing a whole lot to countless sectors of the society. Potential use-cases pending adoption shine light on the possible ways of revolutionizing the society through decentralized versions of existing solutions.
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The Chinese government was rumored to be working on a digital currency with the hopes of replacing their paper currency with a more digital and sophisticated currency. By utilizing blockchain technology it hopes to create a digital form of its official currency—Yuan. According to popular rumors, the development process was going well and a digital Yuan was ‘in fact’ being experimented.
Information about the digital Yuan and the progress made as regards its development and release have seemingly dried up from the internet and instead, we are having to deal with another price crash due to the Chinese government disapproving cryptocurrency…for the umpteenth time! I’ve lost count of how many times, Chinese ban makes a bigger fuss relative to any other national ban. Actually, I don’t care how many times they do this, the last time they do would be a more interesting statistic
The frequency and manner countries present cryptocurrency ban makes it a fun phrase. Countries and regulatory bodies throw this phrase around to describe a common restriction on cryptocurrency related activities within their jurisdiction. Following this phrase are numerous but rarely justifiable reasons why they are halting activities related to cryptocurrency. In this case, it is just to say that these things are done for the fun of it. Fact is, it is hard to see the fun here, but presumably it sounds fun…to them.
A close look at what happens in these countries shows that while the government fancy the technological fascination of blockchain technology and cryptocurrency, they are in fact not at peace with the decentralization and the power it bestows the users, in contrast to centralized systems. The world government structure is centralized. The presence of a central body of authority controlling the affairs of the people is the original idea of the government, this concept is the exact opposite of what traditional cryptocurrencies present.
Another ban by the Chinese government feels nostalgic. Flashback to previous bans, China’s war on cryptocurrency seems to have a far ending. The Chinese cryptocurrency market is a notable one in the crypto space, the regions’ participation in cryptocurrency-related programs is also top notch. The ban is arguably a setback for the growing market. ‘Two steps forwards, one step backwards’; it is hard to guess what may come next for the giant market, come what may, the revolution is here already and the boom is just getting started.