• Sen. Toomey believes China’s recent crypto moves represent a “significant opportunity for the United States.”

  • Pat Toomey, a Republican senator from Pennsylvania, commented on China’s most recent crackdown on bitcoin on Twitter.

    “China’s authoritarian crackdown on cryptocurrency, including #Bitcoin, represents a significant opportunity for the United States.” It also serves as a reminder of our significant structural advantage over China,” the senator wrote.

    “Beijing is so hostile to economic freedom that they cannot even tolerate their people participating in what is arguably the most exciting financial innovation in decades,” he added. Economic liberty promotes faster growth and, as a result, a higher standard of living for all.”

    Toomey’s remarks follow the People’s Bank of China (PBoCrecent )’s decisions to classify fiat-crypto or crypto-crypto trading as illegal, as well as to classify crypto derivative trading — even for foreign exchanges that provide services to Chinese residents — as illegal.

    The PBoC’s decision to effectively ban crypto trading is the culmination of a series of decisions aimed at undermining its domestic crypto economy. China increased its efforts to reduce bitcoin mining earlier this year, ostensibly to reduce the country’s carbon emissions.

    Officials then pursued miners using sustainable hydroelectric power, implying that environmental concerns were not the primary motivator for undermining domestic mining prowess, writes Asia editor Wolfie Zhao.

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