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Pat Toomey: China's crypto bans are a great chance for the US

Monday, 27 September 2021

According to US Senator Pat Toomey, the recent tightening of bans on the use of cryptocurrencies for business in China gives the United States a chance to close the gap in this area.

"China's authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It's also a reminder of our huge structural advantage over China. Beijing is so hostile to economic freedom they cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades. Economic liberty leads to faster growth, and ultimately, a higher standard of living for all,"
said Pat Toomey.

China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.
— Senator Pat Toomey (@SenToomey) September 24, 2021

Recall that on September 24, the People's Bank of China issued a circular in which it expanded the ban on transactions with cryptocurrencies for business and recognized them as illegal financial activities.

However, the United States is also not a crypto-friendly country. Digital currencies there do not yet have a full-fledged legal status and there are very different opinions about the regulation of such assets. Recently, the chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, stated that in many cases, cryptocurrencies have no intrinsic value. He stressed that "cryptocurrency innovations should not undermine the stability of the economic system."