Chinese flags are seen among representations of Bitcoin, Dash, Ripple, Ethereum and other cryptocurrencies in this illustration picture taken June 2, 2021. REUTERS/Florence Lo/Illustration
NEW YORK, Sept 24 - The Chinese Communist Party is no fan of cryptocurrencies. Ten regulators have piled on in the People’s Republic , explicitly declaring all crypto activity to be illegal. It underlines the shortcomings of the asset class, but also – unintentionally – some of its appeal., perhaps a heightened risk right now because of worries about losses at property group China Evergrande . It’s also about financial stability, a concern even in, say, the United States . Cryptocurrencies are less useful if using them makes people criminals.
Still, cheerleaders see the asset class as a challenge to government-issued fiat currencies. China’s wariness of the decentralized crypto model betrays the fear of losing control. In that sense, the ban burnishes the insurgent credentials of bitcoin and its ilk. That’s no reason for most people to love cryptoCapital Calls - More concise insights on global finance:
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