It’s not that governments like China is banning cryptocurrencies because it necessarily expects the technology to fail. It’s that they want to be in charge of an experiment with potentially billions of dollars at stake.
With its latest move, China joins a small list of nations that are crypto prohibitionists. And it’s a shift in the opposite direction of El Salvador, which adopted Bitcoin as legal tender this year and has been rented by libertarians as well as Bitcoin believers. In the United States, where crypto trading is permitted but regulators are scrutinizing, some see an opportunity in the intensification of the crackdown in China.