China sparked a minor economic calamity late last month when it took its most extreme measure yet against crypto, and said that it would ban all cryptocurrency transactions. Within days, a slew of adjacent businesses including exchanges and mining pools announced they would stop providing any services to Chinese citizens. For this time is different. Regulators also banned other forms of crypto transactions, like the ones involving stable coins but not fiat. For those who question enforcement, crypto-skeptical central bankers now have the country’s supreme court, prosecutor and police force on their team. What is the effect of crypto on Chinese economy ?
