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I remember reading on HN someone saying that China had banned trading and mining of crypto. Is that true? With a lot of crypto activity happening in China, would a crackdown there cause a fall in the market?
For context: Turkey has been facing an several year long financial crisis with the Turkish Lira plummeting in value. Erdoğan has done nothing good to solve the crisis and is just firing the central bank administrator one after the other. The central bank has brought so much lira with its foreign currency reserve to try to maintain the price that it is almost running dry of any foreign currency, making the future look…
I remember reading on HN someone saying that China had banned trading and mining of crypto. Is that true? With a lot of crypto activity happening in China, would a crackdown there cause a fall in the market?
Certainly not banned outright though. Parts of Chinese gov have actively invested cash into ICO-less projects
Blockchain in general is also on their five year plan - though at a regional level not the national five year plan
For context: Turkey has been facing an several year long financial crisis with the Turkish Lira plummeting in value. Erdoğan has done nothing good to solve the crisis and is just firing the central bank administrator one after the other. The central bank has brought so much lira with its foreign currency reserve to try to maintain the price that it is almost running dry of any foreign currency, making the future look…
Basically one of the exact reasons why Crypto should exist.
Why politicians still think that if they ban something then it will magically go away? As if people will think "oh it's banned, I guess I'll stop using it then". It's another weapon against the poor, as those people are the ones who feel consequences of such actions (good example is the war on drugs - poor people are in jail, rich bankers powder their noses as they please).
Payments is controlled by the banks. They see this as a threat to them.
Why politicians still think that if they ban something then it will magically go away? As if people will think "oh it's banned, I guess I'll stop using it then". It's another weapon against the poor, as those people are the ones who feel consequences of such actions (good example is the war on drugs - poor people are in jail, rich bankers powder their noses as they please).
But it probably would. Not completely, but few people would risk putting their life savings or any significant amount of money into something that was illegal.
UPDATE: It's fun watching how this comment votes keep fluctuating up and down :-)