Did China Finally Ban Bitcoin for Real?

The Breakdown

Nathaniel Whittemore

Investing, Business

4.8 • 786 Ratings

🗓️ 28 September 2021

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today on “The Breakdown,” NLW looks at two major recent stories. Twitter has added bitcoin tipping features. The features take advantage of the Lightning Network powered by Strike and has started rolling out to iOS users. Additionally, the Twitter team says they’re exploring NFT avatar authentication as well as crypto integration with other monetization features. Even bigger was the latest out of the People’s Bank of China, which seems to make illegal a broad range of crypto trading-related activities that were, if not approved before, at least in a gray area. Huobi has subsequently suspended new Chinese user registrations and will be gradually shutting down all Chinese accounts. NLW looks at what the implications might be for DeFi and for U.S. crypto regulation. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Iuliya Moshkareva/iStock/Getty Images Plus, modified by CoinDesk.

Transcript

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0:00.0	China fully handing away their influence in Bitcoin is one of the most revealing political moves
0:05.0	of this decade.
0:06.6	Bitcoin is anti-authoritarian tech.
0:09.4	It was never going to work long term with China, at least not the direction that China has
0:13.7	been headed.
0:15.6	Welcome back to The Breakdown with me, NLW.
0:19.7	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:26.9	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:33.3	What's going on, guys? It is Monday, September 27th, and today we are asking the question,
0:39.7	did China finally ban Bitcoin for real? Last week, I was heading off a little early. I had to leave
0:47.7	for some travel on Thursday afternoon, heading into Friday. And so I thought I'd just get a little
0:52.9	bit ahead, right? I'd do a few
0:54.3	extra shows, do Friday, do the Saturday weekly recap. What could happen? Then bam, Thursday
1:00.6	night, Twitter decides to go ahead and release their Bitcoin tipping features and promise a whole
1:06.0	lot of more interesting crypto integrations to come. And then Friday, China goes and releases what seems like a
1:12.4	pretty significant ban on crypto trading activity in the country. So here I am sitting far,
1:17.9	far away from the microphone and the podcast set up and not able to discuss. But we're going to make
1:23.4	up for lost time today. So let's go back to Thursday and start with the news from Twitter.
1:29.3	Tipping has been a feature on Twitter for some time now. It has up till now been third-party services
1:34.7	like Cash App, Venmo, and PayPal, so traditional Fiat-based services. Now at the beginning of this
1:40.4	month, a mobile developer released some images that suggested that Twitter was working
1:45.1	on Lightning integration to enable Bitcoin tipping. On Thursday, that was finally confirmed. Twitter
	...

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