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Crypto Collapse Vindicates China Ban – Economic Daily

Commentator Li Hualin said the ban helped to “extinguish the ‘virtual fire’ of virtual currency speculation”

Falling crypto currency values could turn into downward selling spiral with few new buyers to provide price support.
Photo: Reuters


Chinese commentators are crowing over cryptocurrency’s global declines and the unpegging of so-called stablecoins such as TerraUSD, saying it vindicates Beijing’s decision last year to prohibit crypto trading, the state-run Economic Daily reported.

Commentator Li Hualin wrote in the Daily that the ban helped to “extinguish the ‘virtual fire’ of virtual currency speculation and put ‘protection locks’ on investors’ wallets.”

Read the full report: Economic Daily



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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.


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