China reiterated what was already known on Friday, when the PBOC pronounced that transacting in cryptocurrencies was illegal. The announcement alone was enough to trigger a small correction in the crypto market. However, Bitcoin rallied back to $44,000 early on Monday, and most of the crypto market has followed suit.
There doesn’t appear to be any room for doubt now that China wants to totally eradicate crypto from the country. Pronouncements have been made many times in the past, and this time hasn’t been different.
The Chinese government, through its central bank, wants absolute and complete control over its population. The last nail in the coffin would be the central bank digital yuan being rolled out throughout China, with its citizens forced to accept it, and …