Senator Pat Toomey: China’s crackdown on crypto, is a big opportunity for the U.S.

Today the People’s Bank of China published an article titled “Notice on Further Preventing and Disposing of the Risk of Hype in Virtual Currency Trading.” Soon after the news Bitcoin price plunges to almost $3000 within an hour.

According to the notice published by The People’s Bank of China:-

• Virtual currencies doesn’t have the legal status as that of legal currency and should not be used as currency in the market.
• Virtual currency-related business activities are illegal financial activities. “If carrying out relevant illegal financial activities constitutes a crime, criminal responsibility shall be investigated in accordance with the law.”
• Also providing services by overseas virtual currency exchanges to Chinese residents through the Internet is an illegal financial activity.

Following today’s china crypto news, Senator Pat Toomey, says that this crackdown on crypto including Bitcoin is a good opportunity for the U.S.

The exact tweet reads, “China’s authoritarian crackdown on crypto, including Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.”

He also said that “Beijing is so hostile to economic freedom they cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades. Economic liberty leads to faster growth, and ultimately, a higher standard of living for all.”