January 31, 2023

The senator says the crypto ban in China is a great opportunity for the United States

Will the crypto repression in China shift the center of the industry to the United States? (Image: Alex Wang / Pool via Reuters / File Photo)

Republican U.S. Senator Pat Doomi commented on Twitter about China’s recent crackdown on the crypto sector.

According to the senator, “China’s repression of crypto, including #Bitcoin, is a great opportunity for the United States, which is a reminder of our great structural advantage over China.

The senator’s comments follow a recent decision by the People’s Bank of China that makes it an illegal activity to exchange fiat currencies between crypto or cryptocurrencies, as well as consider trading in crypto derivatives – even for foreign brokers who provide services to Chinese citizens.

The Bank of China’s move to effectively block crypto trading comes after a series of decisions that weaken the country’s crypto market. Earlier this year, China stepped up efforts to block crypto mining to reduce carbon emissions.

However, authorities have taken action against miners who have used hydropower for their operations, perhaps because environmental concerns are not the main reason for banning crypto mining in the country, said the author of Black Expert in the Market. Asian Crypto, Wolfie Zhao.