The People’s Bank of China did not ban crypto

#Crypto cannot be “banned” in the United States simply because it is, it was, and it will always remain an illegal tender.

The People’s Bank of China did not “ban” #crypto on September 24 of 2021, but it has merely clarified that virtual currency-related business activities are illegal financial activities strictly prohibited and resolutely banned in accordance with the “The People’s Republic of China Commercial Bank Law.”

Article I, Section 8, Clause 5 of the United States Constitution delegates to US Congress the power to coin money and to regulate the value thereof. This power was delegated to US Congress to establish and preserve a uniform standard of value and to insure a singular monetary system for all purchases and debts in the United States, public and private. Along with the power to coin money, the US Congress has the concurrent power to restrain the circulation of money which is not issued under its authority to protect and preserve the constitutional currency for the benefit of all citizens of the nation. It is a violation of federal law for individuals, or organizations to create private coin or currency systems to compete with the official coinage and currency of the United States.

The People’s Republic of China Commercial Bank Law was passed by the National People’s Congress of China since May of 1995.

The United States Constitution is alive and well since June 21 of 1788.

#Bitcoin network went online in January of 2009 as an alternative #currency; it does not produce revenue; it is neither a #security nor a #commodity

#Bitcoin is a #piratecurrency designed for #moneylaundering by means of #counterfeiting

This advice is offered freely without the breach of Section 208(c) of the Investment Advisers Act of 1940 (IAA) because #crypto does not qualify as an investment.

Author: Litesand

Antitrust, real estate, e-commerce, fintech, proptech, bigtech

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