Ban the Torpedoes
People are running out of “yeah buts” against Bitcoin, but they keep popping up, like wack-a-moles. The latest: continued roll-out of China’s digital yuan will suck up liquidity from crypto markets, especially if the government *gulp* bans Tether.
Thing is, Tether is already banned, not by name, but as a token, whose purchase and trade is officially a no-no. Other officially banned but somehow prevalent China phenomena: VPNs, porn, spitting and smoking in public, & fake tax receipts.
“Where there’s a will there’s a way,” avows Jimmie Jeremejev. “People who think the government has the means to actually stop all Chinese purchases of Tether don’t understand the fluidity of the Internet Age. They probably weren’t around a few years ago, when ICOs were banned in China, so everyone went to banned app Telegram to participate.”
Maybe there are things more powerful than an idea whose time has come, Mr. Hugo, but there are few harder to stamp out. Decentralized digital currency is here to stay. An official ban will simply hamper their Chinese adoption curve. In before National Review readers theorize harsher measures the government could take to enforce a Tether interdiction.