US Senator: “China’s crypto bans are a great chance for the US”

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According to US Senator Pat Toomey, the recent tightening of bans on the use of cryptocurrencies for business in China gives the United States a chance to close the gap in this area.

“China’s authoritarian ban on the use of cryptocurrencies, including bitcoin, is a great opportunity for the United States, as well as a reminder of its huge infrastructure advantage over China. Beijing is so hostile to financial freedom that the government cannot tolerate the participation of its citizens in the most significant financial innovation in decades. Economic freedom leads to faster growth and, ultimately, to a higher standard of living for citizens “, – stated Pat Toomey.

Recall that yesterday, September 24, the People’s Bank of China issued a circular in which it expanded the ban on transactions with cryptocurrencies for business and recognized them as illegal financial activities.

However, the United States is also not a crypto-friendly country. Digital currencies there do not yet have a full-fledged legal status and there are very different opinions about the regulation of such assets. Recently, the chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, stated that in many cases, cryptocurrencies have no intrinsic value. He stressed that “cryptocurrency innovations should not undermine the stability of the economic system.”

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