Holding On, Despite Losses
China is doubling down on its state-backed digital yuan.
China just dropped the hammer on crypto again, but this time, it’s going all in, as it officially banned private ownership of cryptocurrencies, which means that owning a Bitcoin could now land you in trouble.
Markets felt it immediately. Bitcoin slipped, altcoins tumbled, and investors braced for more, while China is doubling down on its state-backed digital yuan.
But it isn’t just about crypto. It’s about control. China wants total oversight of its financial system, and decentralised currencies don’t fit that plan. For the rest of the world, the fallout is real. Miners, devs, and investors are eyeing safer ground—as China makes itself a crypto ghost town.
HODL,
— Oluwaseun
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