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Chinese bans on the cryptocurrency market play into the hands of the United States

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Crypto News

US authorities can use China’s bans on the cryptocurrency market to establish a new world order, according to Bloomberg

Beijing’s crackdown on the cryptocurrency market will play into the hands of the United States. Of this opinion adhered to by Bloomberg strategist Mike McGlone.

The analyst wrote on his Twitter page that the Chinese bans will help the United States to seize the initiative and build a new digital order.

“The US has received a clear incentive to adopt and regulate cryptocurrencies,” McGlone wrote.

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According to a Bloomberg strategist, toThe apitalism of the cryptocurrency market is challenging countries like China. This is due to the fact that there is no free capital turnover and open market access in China. McGlone also cited a graph for comparison, where there was a clear divergence between the reserve capital of Chinese banks and the market rate of bitcoin.

Source: twitter.com

The US interest in legalizing the cryptocurrency market was previously hinted at by the Chairman of the Federal Reserve System (FRS) Jerome Powell. In early October, he announced that the Fed has no plans to ban cryptocurrencies and stablecoins. However, the authorities believe that stablecoins are similar to securities and therefore need to be carefully regulated.

Read also: Former head of the US Treasury urged to store stablecoins in banks

China stepped up pressure on the cryptocurrency market in May this year. Then the country’s authorities staged a hunt for cryptominers. The result of the campaign was the complete expulsion of the largest market players from the country.

After a while, the central bank of China issued an updated regulation. According to him, foreign crypto exchanges are not allowed to provide services to Chinese citizens. The latest round of repression has already led to the closure of several large ETH mining pools.

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