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Elon Musk suggests China's crypto crackdown is about maintaining power

Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.

9/29/2021 1:04:00 AM

Elon Musk suggests China 's cryptocurrency crackdown is related to the Communist Party maintaining its grip on power

Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.

and other cryptocurrencies was driven by the ruling Communist Party's concern that the technology could undermine its power. "It would appear they don't love crypto," he said during an interview on stage at the Code Conference in Los Angeles on Tuesday."I suppose crypto is fundamentally aimed at reducing power of centralized government and they don't like that, is my guess."

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China's central bankdeclared all cryptocurrency-related transactions illegalon Friday, and said foreign exchanges are banned from providing services to Chinese residents, in its strongest crackdown yet on the digital asset industry.Musk has been a big fan of cryptocurrencies, including bitcoin and dogecoin, although his ardor has waned in recent months on concern about the environmental impact of mining these digital assets. 

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Crypto is like a stock. It isn't stable and recognized currency, which means people can lose everything they put into it. Crypto’s only useful for criminele all others can use regular means of payment stop facilitating criminals elonmusk No shit. 🙄

What Can the U.S. Learn from China’s Crackdown on Crypto? China ’s regulatory agencies on Friday cracked down on all cryptocurrency-related activity. Meanwhile, U.S. regulators continue to signal a desire to rein in the industry here at home. profgalloway explains what the U.S. can learn from China ’s crackdown

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China's factories, households grapple with power cutsGlobal shoppers face possible shortages of smartphones and other goods ahead of Christmas after power cuts to meet government energy use targets forced Chinese factories to shut down and left some households in the dark. - без китайских гаджетов - ни рождества, ни счастливой жизни - для вас (вот чем всех купили китайцы)?! Apple deserves to every bad hit that working with china brings. No new phone, SO!

China's factories, households grapple with power cutsGlobal shoppers face possible shortages of smartphones and other goods ahead of Christmas after power cuts to meet government targets forced Chinese factories to shut down and left some households in the dark. Goes to show how dependent rest of the world is on China. It is a self inflicted problem.

China's factories, households grapple with power cutsBEIJING (AP) — Global shoppers face possible shortages of smartphones and other goods ahead of Christmas after power cuts to meet official energy use targets forced Chinese factories to shut down and left some households in the dark. stunning and brave! I'm sure the white liberals can do without smartphones for the sake of the great cause of fighting climate change. Good, less consumption more climate crisis mitigation. China just making the world’s issues harder every single day it seems

China Power Outages Pose New Threat to Supplies of Chips and Other GoodsChinese factories are finding it harder to operate as they contend with coal shortages and efforts to control energy consumption I hope we don’t need that many “made in China” goods after all.