US Government Report: China is Threat to Global Bitcoin Economy

China’s crackdown on bitcoin threatens to undermine the industry’s global economy, according to a new US government report.

Drawing a contrast between the actions of domestic authorities to “investigate and regulate bitcoin without restricting its use” and the recent, restrictive steps taken by the Chinese government, the United States-China Economic and Security Review Commission report concluded:

“If Chinese regulators successfully prevent Chinese users from accessing bitcoin, the global bitcoin market will face continued price declines, significantly decreased trading volumes and threats to its legitimacy.”