Senator: China’s Bitcoin crackdown is an opportunity for the U. S.

China’s central bank has deemed all cryptocurrency transactions illegal, sending the Bitcoin price spiraling by 6%.
U.S. Senator Pat Toomey believes this is a valuable opportunity for the United States to move out front on cryptocurrency.
The People’s Bank of China is broadening its ban on the industry, especially Bitcoin, making all cryptocurrency activities illegal.
Regulators are targeting speculative investing, the issuance of new tokens and cryptocurrency derivatives trading.
In June, Chinese officials placed a blanket ban on Bitcoin mining, which is the process by which blockchain transactions are validated and new coins are created.
They have been banning Bitcoin for years but have ultimately failed to prevent the price from rallying.
China was responsible for more than two-thirds of cryptocurrency mining. Now the government wants to eradicate any trace of it left in the communist country.
This is going to scare a lot of people into saying we don’t want to be on the wrong side of the law in China.
Senator Pat Toomey believes that the United States can exploit the situation by embracing innovation and a reminder of huge structural advantage over China.