As you know, China has never been a fan of cryptocurrencies, as several articles on our site have said in recent days. This country was always bothered by decentralization because the high-ranking people in China are used to having an overview of everything and watching everyone. This is the main reason why China is trying to destroy Bitcoin and all other cryptocurrencies and promote its programmable and traceable Digital Yuan. This is the exact opposite of what makes all cryptocurrencies known and unique.
It is only a few days since we informed you that China has decided to ban banks and other institutions from offering people crypto-related services, and on Friday we learned that the 51st session of the Financial Stability and Development Committee of the State Council had decided to intervene against Bitcoin and mining-related services. From all these reports, it is certain that China has decided to destroy all cryptocurrencies. Boris Schlossberg, who is the executive director of FX Strategy, also commented on the current situation for BK Asset Management:
,,The digital yuan is both programmable and trackable giving the Chinese government enormous control over the economy. Not only will Chinese policymakers know every consumer choice made in the economy, but they could also directly affect spending behavior by making the currency expirable by a certain date.”
Boris also added for CNBC that this type of “absolute power” over the wealth of its own citizens is “China’s primary driver” in completing and launching their Digital Yuan.