Babylon's Bankers

CHINA: CRYPTO-CURRENCIES ARE ILLEGAL

This one was spotted by P.T., and it's in that rare "whopper-doozie" category of articles, so we'll get straight to it: China has just made all crypto-currencies illegal, according to this article from Zero Hedge:

China Declares All Virtual Currency Transactions "Illegal", Sending Crypto Prices Tumbling

As the article notes, the action comes as part of a concerted campaign under way in Communist China to ban crypto-"currencies":

The statement is the culmination of years of failed crackdowns on cryptos and is nothing new for the authoritarian state. In 2013, the country ordered third-party payment providers to stop using bitcoin. Chinese authorities put a stop to token sales in 2017 and banned crypto exchanges from operating within its borders in 2019 but individuals in the country continued to find ways to trade bitcoin and other digital currencies via over-the-counter or peer-to-peer transactions. More recently, the country banned all crypto mining, which however only prompted miners to shift offshore.

But this ban is more extensive and the reason for it is telling:

Naming bitcoin, ether and tether as examples, the central bank said cryptocurrencies are issued by nonmonetary authorities, use encryption technologies and exist in digital form and should not be circulated and used in the market as currencies. The PBOC specifically targeted overseas cryptocurrency exchanges declaring that it was illegal for them to provide online services to residents in China.

In other words, cryptos are threatening the money monopoly of the Chinese central bank. So far, so good, for the action of China's central bank appear simply to repeat the arguments  made by crypto advocates that cryptos are the way to end central bank money monopolies.

However, I cannot help but think there are much deeper reasons behind the move, and a hint - and it's a whopper doozie of  hint - occurs later in the article:

This latest harsh directive, which sent Bitcoin dropping over 8% on Friday, comes as global markets have grown increasingly concerned over a debt crisis involving property developer China Evergrande Group, and which many speculated would lead to a surge in capital outflows via cryptos that bypass China's great firewall. The Chinese government may also be responding to signs that miners are disguising their activities to stay in business according to Bloomberg.

...

It was unclear what prompted the latest crackdown, however one theory is that it’s part of a broader law-and-order push ahead of the 100th anniversary of the Chinese Communist Party this year. Another more likely theory is that China is aggressively clearing the runway for its very own digital yuan, a central bank digital currency that’s been in development since 2014, and whose market reception has been catastrophic so far.

The most likely reason behind the crackdown is that Beijing is simply looking to stem capital outflows via stablecoins and cryptocurrencies. As a reminder, tether remains one of the preferred conduits for Chinese resident to launder over $1 trillion in domestic currency abroad. And with turmoil emerging from the Evergrande default and imminent deterioration in the property sector, it is inevitable that Beijing is fearing a new flood of outbound capital transfers will follow so it is taking preemptive steps. (Boldface emphasis added)

There you have it; in essence, the speculation - which I share - is that Communist China is trying to stem an exodus of capital - of liquidity - from the country via crypto currencies in the wake of the Evergrande difficulties, and as part of a crackdown that has been under way in the past few years with the ascendancy of Mr. Xi. In other words, the crackdown is, in part, a possible response to the Evergrande problems. In articles I've seen, Evergrande's junk bonds exposure is anywhere from  $300 to $500 billion, and with such wide variances, I strongly suspect it's much larger, and that its exposure is such to include other large Chinese real estate and investment firms. Then recall that story from about a year ago of Chinese investment firms collateralizing loans with gold, which gold turned out to be gold-plated tungsten bars. And now we have the suggestion that cryptos are somehow connected to the Evergrande problem.

This speculation -- which once again I'm willing to entertain - suggests that some of Evergrande's exposure is precisely in the form of crypto-currencies, and if that be the case, it also suggests that somewhere in the mix, one might be looking at state actors disguised as crypto-traders, waging a liquidity war against that country with cryptos being the vehicle of choice to launder money out of the country.

Interestingly enough, this comes at the time the American Fed is being considered for a vast expansion of its powers in bills before the Congress, bills essentially defining a digital dollar crypto as legal tender.

My bet? We're just seeing the beginning of this story...

See you on the flip side...

 

41 thoughts on “CHINA: CRYPTO-CURRENCIES ARE ILLEGAL”

    1. This would speak for the theory that Bitcoin is the means of choice for the CCP to keep their assets safe.

      The (staged?) Western counterpart in this case would be XRP from Ripple. Some of the decision makers at Ripple come from three letter agencies. Ripple was and is the only crypto player to have a seat on the IMF’s FinTec committee. Looking at the news flow (Ripple/XRP helping Buthan build CBDC, before that Oman, before that Dubai, etc.) one could actually look in that direction.

      In this case, cryptocurrencies would simply be a battleground within the Globaloney family: Western elites versus their cousins in the East.

      1. montagraph (yt) octobereinz (twatter) touches on this. Claim is XRP will be last coin standing as they ALL are taken down to whatever coin BIS and FED decide is the one to rule them all.

        Curious that peasants in the US can not currently buy XRP.
        Also curious that it’s impossible to buy / trade in crypto without giving up valuable private info?

  1. In one’s view, if it were not for the Renminbi being in big trouble one would have thought that the Party of the east by going west was exercising another propaganda spoof. The Party? Engaging in legalese by declaring crypto [illegal]? Since when does the Party . . . . “walk the western road of constitutionalism, separation of powers, or judicial independence.” . . ?

    At first, one thought it some sort of shiny object spewing from that dragon’s backside again to distract international attention from its problems with itself.

    Control is the Party’s game. It would seem that not all their countrymen want to play that Beijing game anymore knowing how uncontrollable the markets and exchanges can get. They can be a quick gain (if you’re the lucky dragon of fortunes) just as easily as a quick loss (the running dog to despotism subject to black mail) to the unwary in the game. Unless you have it to gamble and many Party members have it to risk it.

  2. Speculations about crypto …

    1- What if there is a higher math that is not taught in our schools? Look at all the black project hidden sciences they keep secret from the public. You think they would not hide such a technology / backdoor to everyone’s communications?

    2 – Encryption?
    …soft disclosure from Hollywood :
    3 movies off the top of my head had a “Black Box” that could defeat ALL encryption!

    Sneakers with Robert Redford; Fast and Furies (they steal a sports car that has a special chip); James Bond ? (where an actor was hired to play a mastermind terrorist) …. (from fuzzy memory. forgive if I got it wrong)

    3 – We are being consumed by AI (World Simulation something or other???)
    AI is hungry for all data it can gather, and blockchain serves data on a silver platter for AI to analyse. We are being seduced to think blockchain is the next gift from God!

    1. As ever the secret societies foreshadow their crimes. It’s called blockchain because it’s what it’s called. As CAF and Montagraph/OctoberReinz have said, it’s a block and chain to control collateral (human trafficking assets).

    1. In other countries where lymes disease is bad and where they care about their people they use ivermectin as a preventative. They also use it to eliminate the parasites in the body causing it. Also might be the safest chemo for cancer and according to a whistle blower they knew this for forty years now.

      1. That all jives with all I’ve dug up. Surprised I haven’t seen more on these ideas from more sources (pooched as ever search engines and email censorship?). Any links on any of these ideas is appreciated.

        I know Judy Mikovits has done some work related with her stuff on chronic fatigue and suramin to treat autism and others.

        Also older reading on my part led me to Dom D’Agostino, Charliefoundation.org, careoncology.com, Travis Christofferson, Tom Seyfried, Tim Noakes, Malcolm Kendrick, Gary Taubes and a growing list working on all diseases and technopolists crushing of all humans with lies.

        Remember when a couple CEO’s ago the CEO of American Diebetes Assn stated that sugar consumption has little to do with diabetes. That’s when I found out ADA was captured by donors – Coke, Pepsi, American Sugar Growers,…… just as CDC, FDA, USDA are captured by pharmakeia.

        1. The links I now find on it seem to just be opinions about using it. And opinions geared towards promoting doubt. All the scientific and medical articles appear to now be gone. I did this research last year but the web is now useless. Even the alternative search engines are not what they used to be.

          1. Yep. Thank you. The only decent links I can find now are in places I saved them on my computer or my email. Even in email, my searches are pooched. I have to have the specifics to find anything.

          2. Will check with Joe Tippens at mycancerstory.rocks and careoncology.com

            Sounds more and more like ivermectin is one of those multi use wonder drugs like febdazanole (mebdazanole).

  3. Eh,,,, all governments prize surveillance and control, none more than communist governments, and crypto interferes with all that. If cryptos are being used to thwart capital controls, that’s just an example of governmental motive against them.

    Bird flu, Swine flu, Human covid – it will be interesting to see what happens to cryptos if and when a real war breaks out. I don’t think it will be a land or nuclear war, it will probably be a limited naval war aimed at who gets to do sea trade, who doesn’t, and where.

    That’s really when there will be people wanting to hide and move money, big money.

    1. Sure seems like cryptos are just another ring that binds them all.
      Cryptos MIGHT seem like a decentralized answer to centralized tyranny IF they actually guaranteed anonymity and safety. Sure looks like they do the opposite.

  4. I have a hunch the Evergrande situation — and, by extension, this latest move by the CCP to ban crypto, which I’d guess is primarily about preventing capital flight — has something to do with covert wars… just like breaking dams, odd weather, food supply problems, etc.

    1. The MAGA message can easily be exported, and popularized, as Make China Great Again.

      The political blind spot is always the lack of humor, amongst minions and lackeys.

      Even though sheep are less sophisticated, they are always quicker, to get the joke.

      Politicians are themselves a joke, without their supporters.

  5. Robert Barricklow

    “Cryptocurrencies are issued by nonmonetary authorities, use encryption technologies and exist in digital form and should not be circulated and used in the market as currencies”.
    [The FED is a non authorized authority issuing the currency; as it is explicitly against the U.S. Const1tution, and the spirit of The Declaration of Independence.]
    Both threaten the Nations sovereignty in terms of currency.
    The U.S. has lost it since 1913.
    China’s trying to keep it in 2021.
    And if the U.S. goes digital; that currency won’t fly in China.

    China’s Evergrande Group might have a crypto Achilles heel; thus the move to control that digital weakness in crypto currencies attacking China’s economy.

    Capital flight, in terms of cryptos, is hurting China’s overall economic strength; and they need to stem that outward river of currency flowing out of China[and back in from Western sources].

    The ongoing economic warfare, is moving deeply under the oceans of globalized currencies surface; being fought out in nuclear crypto submarine warfare; causing observable turbulence on surface waters – like Everegrande.

    Both sides have players inside the others power structures,
    on one level. On another level; outside non state actors have players inside both camps as well.
    Then, at another level; high up in the skies are the essential satellites – integral to all currency warfare.

    I wonder if Las Vegas would take any bets on what’s going to happen?

    1. When the dust settles, it becomes obvious, that there is only one non-agreement-capable entity in the world.

      When Mexican pop music comes out, as Trump supporter, Chinese mandarins start wearing MAGA hats.

      Trump supporters are a global movement, that is more Hollywood than Hollywood. MAGA is good entertainment.

      That is Trump’s ticket back to office.

      Mexican Trump trooper:
      https://youtu.be/fChbXTAeFP4

      1. Goddess of the Night?
        Aye aye aye Anak.
        Making us work for it? BTW that is the longest dress in the history of disco.
        Hope not much is lost in translation. Perhaps she needs a Scythian lyricist.

        Born in a cradle of gold,
        Between silk sheets
        A divine creature,
        She looked like a nymph
        An eighth wonder,
        A terrestrial siren
        A living sculpture

        She had everything and prophecies
        With whom would they marry her
        A penthouse in the sky
        In Donald Trump skyscraper
        Where the sun shines
        They had everything planned
        Up to its marble crypt

        But they hadn’t counted on her heart
        It only beats at night in search of a great love
        But they had not told that she is a nocturnal being
        That she enchants the daytime
        That the night lights her powers from her Goddess

        (Ohh, oh-oh-oh-oh)
        Goddess of the night
        (Ohh, oh-oh-oh-oh)
        Goddess of the night
        (Ohh, oh-oh-oh-oh)
        Goddess of the night
        (Ohh, oh-oh-oh-oh)
        Goddess of the night

        Dance, sing, everyone wants with her
        Dance, enjoy, everyone wants with her

        The day gives him a headache
        She throws herself in the sand
        With his huge glasses
        And a six-pack of beers
        While the sun kisses her
        She steals the gold
        With which she goes to the party

        And it is that they had not counted on his heart
        It only beats at night in search of a great love
        And they had not told that she is a nocturnal being
        That love the daytime
        That the night lights her powers from her Goddess

        (Ohh, oh-oh-oh-oh)
        Goddess of the night
        (Ohh, oh-oh-oh-oh)
        Goddess of the night
        (Ohh, oh-oh-oh-oh)
        Goddess of the night
        (Ohh, oh-oh-oh-oh)
        Goddess of the night

        Dance, sing, everyone wants with her
        Dance, enjoy, everyone wants with her

        Watch her dance
        See how it shines
        Watch her move
        Look at her she is divine
        Watch her dance
        See how it shines
        Watch her move
        Look at her she is divine

        Alone, alone
        Alone, alone
        Alone, alone

        (Ohh, oh-oh-oh-oh)
        Goddess of the night
        (Ohh, oh-oh-oh-oh)
        Goddess of the night
        (Ohh, oh-oh-oh-oh)
        Goddess of the night
        (Ohh, oh-oh-oh-oh)
        Goddess of the night

        Dance, sing, everyone wants with her
        Dance, enjoy, everyone wants with her

        1. Thank you for your translation. I can’t verify its accuracy.

          My Peregrino de Santiago de Compostela Spanish is limited to Camino and Ultreya. Obviously, Gloria Trevi is having herself a MAGA-moment, in haute couture.

          Nevertheless, Donald Trump is the hero of the pop song, and he is paired with the term “six pack”, that is a popular expression, for fermented mare-milk, in Modern Scythian.

          Also, Trump the hero lives in a “penthouse”, the Spanish equivalent of a skyscraper hacienda. His consort, the goddess of night, is close to heaven, as the moon of romance…

          …in full moon nocturnal activity.

  6. If something seems too good to be true, then it usually is. I know a few people playing the crypto markets to make a quick buck. And they are heavy card gamblers and players in the stock market casino. I suspect cryptos are very popular with international organized crime, black ops, and dissident funding. And likely in encrypted intelligence communications disguised as financial transactions. Fractal currencies on the scale of the largest could easily transmit coded messages it seems to me.

    1. Crypto has a lot of mystique and mystery to it.
      The digital asset/cryptocurrency economy is sidestepping the centralized banking regime faster than anyone can think.
      The digitization of assets is coming and will benefit society in ways unimaginable, just like the internet did.
      For example, how about tokenization of real estate. You can take a property in Japan worth $1 million and tokenize it with 1 million tokens. Then each token to start will be worth $1. Those tokens can be sold on networks, such as Ethereum as non-fungible tokens(NFT’s) These can then be sold around the world on decentralized networks out of the control of centralized governments. The person buying the token can then get the benefits of the real estate according to their tokenized fraction; rental income, appreciation, depreciation; whatever is in the smart contract used to create the token.
      Think about tokenizing all sorts of things, such as art, bottles of wine, movies, songs, athletes contracts, athletic teams. The list is endless.
      But tokenization allows fractionization so that smaller amounts are needed by the average person to “get in”.
      Maybe a piece of your favorite soccer team?

      1. Sounds similar to sales pitches heard decades ago about how stock markets change the world by letting the little guy get in. Funny how John Chambers never called me before selling out his Cisco stock just before the crash. Got out with a double and the skin on my teeth instead of the five bagger and ascending that I had before the crash.

  7. THE CCP/CIA doesn’t like decentralized, distributed ACCOUNTABILITY
    this is the umpteenth time in as many years “China” has “banned” “crypto currency”.
    I understand new money is incredibly dangerous. WE SHOULD ALL PUSH BACK ON CENTRAL BANK DIGITAL CURRENCIES. However, we should not deny the utility of payment networks OUTSIDE the LIZARD’S clearinghouses.

    1. Iceland was propped up, for a globalist takeover, in a gold rush to Klondyke.

      Icelanders love the idea of becoming rich fast. They literally ate gold, on their way to slavery.

      Cyber money becomes dangerous, when used to destabilize countries.

      Turkish delight is yummy, but there is price to pay:
      https://youtu.be/1mHWEJGkNkI

    2. Every year China does this. It’s getting stale.
      But think of this, crypto has become such a factor that the gov’s need to address it.
      Decentralized networks can’t be shut down.
      CBDC’s are not decentralized networks. They are government digital versions of their currenncies subject to their same old machinations.

  8. hi everybody
    in another post i quoted myself to my son on cryptos, saying sthing like this: cryptos r just another syphon and they will crack all of them down.
    and now… it was inevitable. power does not like sthing it can not control.
    and breaking down on cryptos is an orchestrated operation, the bankers like to be ‘crypto’, but do not like if u r…
    ‘quod licet iovi, no licet bovi’

    to make a bet: in 2 years these cryptos will be persecuted worldwide

    1. When the Sheriff of Nottingham makes tempting Robin Hood-coins, it is just coin clipping, by another name.

      China is not interested in a globalist China century, because everybody knows, that the Chinese is to be propped up, to become the next fall guy.

      In Hansel and Gretel, Hansel is to be fed, fat and juicy, to be eaten by the witch. Deep down, the globalists are maneaters.

      When shaking hands with globalist sharks, one must count one’s national fingers.

      1. Hansel’s a good cautionary tale. Feels the same as some of my branch covidian compliant friends. I keep telling them they have a right to choose AND that compliance with cannibals gets one eaten faster. Me thinks Hansel and Gretal will become more popular quickly. Orrrrr it could be that I’m tired of reading Klaus Bum Schwab’s Great Reset. How does one spell yuk in Scythian?

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