Bitcoin v.s. Eastern Powers: How Crypto is Struggling to Overcome Authoritarian Governments
The crypto market’s unprecedented global success in modern times is revolutionizing the way we make digital transactions. By utilizing blockchain technology, people can circumvent centralized powers to move money around the economy as they please. With crypto like Bitcoin reaching tens of thousands of US dollars per coin, global economists are watching this tech’s development closely.
The decentralized nature of blockchain, however, is not looked upon positively by certain centralized powers; specifically the authoritarian superpowers Russia and China. The circumventing of established power structures in these countries directly undercuts authoritarianism, and so in recent times both of these countries have begun to crack down on the presence of cryptocurrencies in their economies.
So how is bitcoin surviving (if at all) in China and Russia, and what are their governments doing to prevent its growth?
Chinese Crypto Ban
Anyone who keeps up with the crypto space remembers the recent crash of Bitcoin in the last year. This major crash was…
