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China makes cryptocurrency illegalExBulletin
China has announced a ban on cryptocurrency transactions, the latest in a string of crackdowns on virtual money that comes as countries around the world consider tighter regulations.
SCOTT SIMON, HOST:
China bans cryptocurrency transactions. And as NPR’s David Gura reports, it sends shockwaves through an industry valued at $ 2 trillion that is largely immune from government interference.
DAVID GURA, BYLINE: Part of the global popularity of cryptocurrency stems from the fact that the digital asset is free from government control. And it really hasn’t been regulated. It is attractive to many Chinese citizens. But Chinese leaders have spent years trying to crack down on crypto. Winston Ma teaches securities law at NYU. And he says Friday’s announcement is an escalation.
WINSTON MA: I think the implication will be deep and major.
GURA: As cryptocurrencies grow and become more common in many countries, China is going against the grain. In the world’s second largest economy, you are no longer able to buy or sell them. Banks are not allowed to process transactions. And there has been a crackdown on the infrastructure that supports crypto. Ma says it is a whole-of-government effort.
MA: When you have 10 ministries involved, don’t you? – it is very serious.
GURA: Cornell economist Eswar Prasad is the author of a new book called “The Future of Money”, and he says Chinese leaders are wary of competition and loss of control.
ESWAR PRASAD: I think this reflects the desire of the Chinese government to ensure that the payment system is not run entirely by the private sector.
GURA: It targets large companies that have pioneered digital payments, including Alibaba and WeChat. And China is developing a digital version of its own currency. Prasad said lawmakers and regulators around the world would pay close attention to the rules that China has put in place.
PRASAD: Due to concerns about national financial stability, as well as illicit capital flows across international borders.
GURA: This week the Treasury Department sanctioned a site where cryptocurrency can be bought and sold due to its role in ransomware attacks. Crypto appeals to investors, iconoclasts and international criminal syndicates. In the United States, the main securities regulator, SEC Commissioner Gary Gensler, said in a recent speech that more guarantees are needed.
(EXTRACT FROM THE SPEECH)
GARY GENSLER: Investors don’t really get the information that assesses the risk and understands the risks. And I’m afraid if we don’t fix the issues, I’m afraid a lot of people will be hurt.
GURA: After China announced its ban, the price of Bitcoin fell more than 5%. It may sound like a lot, but this kind of volatility is very common. Some US lawmakers who oppose stricter regulations have praised China’s ban. And they use it to justify avoiding more rules. In their view, a huge player has been taken out of the global crypto economy. And it’s an opportunity for the United States David Gura, NPR News, New York.
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