The odd thing about their repeated attempts to damage crypto is that it feels like a strategic miss to me.
If I was the CCP I'd try to leverage BTC (and others) as a weapon against the dominance of USD.
Instead it looks like they just want to implement their own variant that gives them total control and transparency of in-country transactions. At a minimum they could do both (ban BTC use internally, but still allow mining in the country). I must be missing something.
Their authoritarian currency does allow for some interesting things like expiring credits or instant distribution of benefits, refunds, stimulus to the public (with constraints baked in) - but the obvious negatives are pretty extreme especially with the CCP's track record.
It hard to leverage it as a hedge against USD when it can be used against you, so many miners are already in China, and no real international transactions are happening in it (oil still USD).
If I was the CCP I'd try to leverage BTC (and others) as a weapon against the dominance of USD.
Instead it looks like they just want to implement their own variant that gives them total control and transparency of in-country transactions. At a minimum they could do both (ban BTC use internally, but still allow mining in the country). I must be missing something.
Their authoritarian currency does allow for some interesting things like expiring credits or instant distribution of benefits, refunds, stimulus to the public (with constraints baked in) - but the obvious negatives are pretty extreme especially with the CCP's track record.