China: Rethinking Decentralized Finance the CCP Way

October 11, 2021

I read “Bitcoin Plummets after China Intensifies Cryptocurrency Crackdown.” The “real” news story reports:

Chinese government agencies including the country’s securities regulator and the People’s Bank of China (PBOC) said in a statement on Friday that all cryptocurrency-related business activities are illegal and vowed to clamp down on illicit activities involving digital currencies.

Well, that seems clear. Draconian? Sure.

A demonstration of power? Sure.

Popular among the digital currency enthusiasts in China?  For party members, probably. For others, probably less enthusiasm.

What’s interesting is that China appears to recognize the threats posed by “digital everything” require government action.

Russia is playing a fence sitting game.

As nation states pick a team, will a different alignment of power emerge?

Interesting. What happens if those on the China side embrace total surveillance? Even more interesting.

I am delighted I am old. Thumbtypers are likely to have a different take on this development.

Stephen E Arnold, October 11, 2021

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