The first major government to take a stand against crypto has done it in a big way. China banned foreign exchanges, and is in the process, it seems of seeking a full ban. Claims of money laundering, pyramid schemes, and other illegal activities are fueling this. While I may not gamble / invest in cryptocurrency, I don’t think this is the direction that the world should go in. Unfortunately, totalitarian governments run counter to freedom and democracy. For every law invading our lives, our humanity and lifeblood will slowly wither away.

China’s central bank said on Friday that all cryptocurrency-related transactions are illegal in the country and they must be banned, citing concerns around national security and “safety of people’s assets.” In a joint statement, 10 Chinese government agencies vowed to work closely to maintain a “high pressure” crackdown on trading of cryptocurrencies in the nation. The central bank said cryptocurrencies, including Bitcoin and Tether, cannot be circulated in the market as they are not fiat currency.