{"id":54080,"date":"2021-12-03T17:57:54","date_gmt":"2021-12-03T15:57:54","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=54080"},"modified":"2025-09-03T18:27:02","modified_gmt":"2025-09-03T15:27:02","slug":"buffett-associate-backs-crackdown-on-chinas-crypto-industry","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/buffett-associate-backs-crackdown-on-chinas-crypto-industry\/","title":{"rendered":"Buffett associate backs crackdown on China’s crypto industry"},"content":{"rendered":"

The vice chairman of Berkshire Hathaway’s board, Charles Munger, said that Chinese authorities had made the right decision by banning cryptocurrencies and related activities. At a conference in Sydney, he called the move “mature,” according to Australian Financial Review<\/a>.<\/p>\n

\n

\u201cThe current era is crazier than the dot-com era, though that boom was crazier in terms of valuations. \u2026 They [the Chinese authorities] are right to have decided and to clamp down hard on the boom, not letting it get too far. In this regard, my country lags behind China. They are acting more maturely,\u201d he said.<\/p>\n<\/blockquote>\n

On September 24, news broke of another crackdown by China<\/a> on the crypto industry. The National Development and Reform Commission of the PRC cited the mining sector’s negative impact on the environment and its “insignificant” contribution to the economy.<\/p>\n

The People’s Bank of China (PBoC) described as illegal the platforms that facilitate the exchange of digital assets among themselves or into fiat. Previously, the director of the PBoC’s payments and settlements department, Wen Xinxian, described cryptocurrencies and stablecoins as a threat to the traditional financial system<\/a>.<\/p>\n

In November, due to government actions, more than two dozen cryptocurrency companies announced their withdrawal from the Chinese market<\/a>.<\/p>\n

Munger noted that he wants to “make money by selling people products that are genuinely useful, and not harmful.” According to the 97-year-old billionaire, representatives of the crypto industry “think not about the consumer, but about themselves”.<\/p>\n

\n

\u201cI would never buy cryptocurrency. I wish they had never been invented.\u201d<\/p>\n<\/blockquote>\n

The founder of Synthetix, Kane Warwick, deemed Munger\u2019s stance hypocritical. He noted that a desire to earn money selling useful products does not prevent Berkshire Hathaway from being the largest shareholder in Coca-Cola.<\/p>\n

\n

Charlie munger: I want to make my money by selling people things that are good for them, not things that are bad for them.
Also Charlie Munger: load up on some more of that high fructose corn syrup kiddies! Isn\u2019t it just dandy! https:\/\/t.co\/xnefgTmLho<\/a><\/p>\n

\u2014 kain.eth \u2694\ufe0f\ud83d\udc7e (@kaiynne) December 3, 2021<\/a><\/p><\/blockquote>\n