Ron Insana: China may be the first to ban bitcoin, but they won’t be the last
I've noted in past commentaries that sovereign nations have the power to regulate and eliminate any competitor to their own currencies. One countryChina's central bank has just made all cryptocurrency-related activities illegal. The value of bitcoin plunged over 5%, while other digital coins are also trading lower on the day.Regulators in the U.S. have already expressed some notable disdain for replacing the U.S.
This may well be a precursor to the U.S. taking steps that render bitcoin, and other cryptos, but not the transformational blockchain technology underlying it, effectively illegal or unusable. Crypto bulls have long argued that DeFi, and alternative currencies, are outside the reach of sovereign nations but, as we have seen today, that is far from the truth.
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