Opinion: why China’s crypto ‘ban’ is actually meaningless

In one way, the crypto world resembles the stock market. Something bad happens, everything goes down. Something good happens, everything goes up.

Rumours, speculation and information fuel specific or generalised ups and downs, whether they’re true or not, whether they’re verified or not and, crucially, whether they make a difference or not.

China has announced a ‘crypto ban’ around 5 times this year alone and that’s an indication in it of itself, isn’t it? Why would you ban something twice if the first ban was effective?

The truth of the matter is China, or any other country, government or institution for that matter, cannot ban crypto. What governments can do is make your life (as in, a crypto holder) very difficult on the extremes. As in, the beginning and the end of your own personal FIAT-CRYPTO-FIAT journey (if you intend to invest or transact).

It can make life difficult for exchanges and ban cryptocurrency ATMs from operating overtly, meaning your ability to convert crypto into FIAT will be affected.

They can also kick miners out, which is what they’ve done.

What they cannot do, not now not ever, is prevent crypto holders from holding, owning and transacting their cryptos. No one can gain access to your wallet without your private keys, it can’t be hacked.

If you and I transact in crypto, no one can stop that transaction.

All governments will soon realise they can’t beat crypto, so they’ll either try to squash it or join. China has opted to squash it (for now) because in order to maintain their heavily centralised power over the financial, social and economic circumstances of its citizen, it was the quickest and easiest way.

But even so, if Mr X wants to send Ms X XYZ bitcoin tomorrow in Shanghai: they still can.

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