China tells Banks to Stop Supporting Cryptocurrencies - Politics | PoFo

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Forget politics for one second. This is great news that the West should follow up on. I am not against the concept of Crypocurrencies, but they are currently inefficient, energy consuming, corruption enticing, gullible entrenching, digital nothingness that has the potential of harming the stabilisation of the financial institutions as a dumping ground during a Covid recovery as people could look into feeding this Ponzi during times of inflation. So if we don't do an El Salvador and do a China and actually disregard these digital "nothingness" and stop them having a trading platform now, we can not only solve some of the current carbon footprint we are seeing by computers only operating to mine this bullshit, but we also cease any chance of blowing this bubble up further as they really do become pointless as they have no opportunity to be used as a medium of exchange. Plus, we also see people like Colliric lose money during months of him trying to pump and run so he can profit from the pyramid. A win win in anyones books. :excited:
Most all of China's banks are government owned, or have heavy indirect government-related ownership in them.

China has also in just the last couple of years exercised more direct control over privately-owned companies.

discussion here: "China's government will take more control over private companies"

The distinction between private companies and government controlled companies is becoming less and less.

Sometimes you need to know some background to better understand what is going on in a country, when you read news stories like this.

I would suspect these latest orders are probably (in large part) in response to China's recent electricity shortages, since "mining" cryptocurrencies takes huge amounts of electric power, with the increasingly exponential amount of computational power it takes to mine additional Bitcoins.
China also greatly subsidizes the cost of electric power, so that is another consideration.

In strongly socialist economies, everything is interconnected and so government has strong reason to get involved in everything in the economy. Maybe sort of like a self-fulfilling prophecy. You can't just leave private businesses to themselves because government is paying for it.
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