China and the re-adoption of Cryptocurrency
It seems like this never ending battle has been going on since around 2015 of where if China is pro crypto the USA becomes aggressive and tries to block it (a time we currently find ourselves in) and if China is anti crypto and banning miners from their country then the USA is all about adoption.
Well it seems like China is pushing a little more towards crypto adoption in it's latest move. This time in particular with the Ethereum blockchain.
Bank of China just issued 28 million in digital structured notes on the Ethereum blockchain.
What does this mean exactly?
The Bank of China's Investment bank subsidiary BOCI minted 28 million worth in notes on the Ethereum blockchain. Making it the first Chinese financial institution to issue tokenized security in Hong Kong.
Hong Kong is a special administrative region of the People's Republic of China and until recently was free to manage its own affairs based on one country, two systems. It was once a British colony.
A statement from the company reads
“Working together with UBS, we are driving the simplification of digital asset markets and products, for customers in Asia Pacific through the development of blockchain-based digital structured products, designed specifically for customers in Asia Pacific."
It does seem like the other half of the world I would lable them under the new BRICS push are starting to go heavily pro crypto and pro gold, silver and other assets in order to try and build power against the USA. While the USA continues to fight back and try and hold their footing.
However I honestly feel if they would just start making up their damn mind, allowing crypto and being very open to it the USA would become a powerhouse in it and gain an even larger market share over the world. The issues is the constant attacks and the driving force of what is left of crypto in the USA out.
While it's pretty hard to figure out where exactly all the crypto is it's clear that it's still only in the hands of less than a billion people. However that's a far higher number than it once was.
It's said that 54 million are from North America, 31 Million EU, 260 Million Asia 1.5 Million Oceania (Idk what the heck the Oceania population does but it always seems like not much no offence lol) 33 Million South America and 38 Million Africa.
In terms of ownership percent the best data I could pull and I have no idea how accurate it really is is as follows.
Vietnam 20.54%
United States 13.22%
Iran 13.46%
Philippines 13.02%
India 7.23%
China 4.08%
When you start looking at those numbers it's pretty clear why the USA is so against crypto being that a large portion of it percent wise is in countries that are well not so friendly towards the USA. However I don't see that ever changing and instead the United state could very well continue to lose its position in the world stage through even more and larger competition. No longer would it just be BRICs battling for control but it would be BRICs and Crypto going up against the USD of which that might end up being a very losing battle compared to how many people here in the states support crypto adoption.
I'm interested to hear your thoughts on this matter.
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