If China cared about the environment and wasn't interested in eliminating the competition as a preparation for the digital yuan, why not kill off every industry that doesn't use renewable energy? If too much fossil fuels are used in the mining operations in China, why not give the miners a deadline of 1/2/5/10 years to switch to better sources of electricity instead of preventing them from conducting their businesses within a few days or weeks?
There are uneducated people all over the world who invest in bitcoin among other things. Your statement that they are trying to protect its citizens is simply wrong. Gambling is if I remember correctly banned in China, but you are allowed to play lottery in locations the state deems as good (the ones run by the state). How do you comment on that? Chinese citizens are protected from losing money in private casinos and sportsbooks, but they are free to lose it in establishments that pay taxes to the government and are operated by them.
There are uneducated people all over the world who invest in bitcoin among other things. Your statement that they are trying to protect its citizens is simply wrong. Gambling is if I remember correctly banned in China, but you are allowed to play lottery in locations the state deems as good (the ones run by the state). How do you comment on that? Chinese citizens are protected from losing money in private casinos and sportsbooks, but they are free to lose it in establishments that pay taxes to the government and are operated by them.
China's policy is the result of many considerations. Maintaining carbon neutrality, protecting the people, and preventing capital from flowing out of the infrastructure sector are all part of the reason. If the three problems are resolved separately, there may be a better choice, but this is not possible. If clean energy mining is used just to solve the problem of carbon neutrality, there will still be people who use cryptocurrency to obtain illegal income, and there is no guarantee that the funds will be used in infrastructure.
In fact, I admit that every country has uneducated people who invest in cryptocurrency. But you may not be able to imagine how big this ratio is in China. I study cryptocurrency in China every day. Many people buy shibcoin but don't know who Satoshi Nakamoto is. This is unimaginable in other countries. If 90% of the people in an industry do not understand this industry, and the industry is still difficult to be supervised by the government, what do you think is a reasonable approach?
As for gambling, I don’t know if my understanding is striving, because I have never bought a similar sports lottery. But buying sports lottery tickets in places operated by the state can guarantee that your profits will be honored, which may not be possible in some illegal places. Please correct me if I am wrong.
It is a pleasure to communicate with you.