Our observations
Until recently the biggest cynics of crypto were China, India and the United States. Of these three, the United States seems to have made an about turn and India is on the cusp of doing so going by all indicators. China has taken a completely different path of total ban on private cryptocurrencies.
The difference between these countries and the way the events panned out is largely the result of their political leanings. Whilst China is a communist country and insular, India and the U.S are home to the most populated democracies in the world.
In China the state makes decisions with little regard for the opinions of its citizens. In fact, communism views its masses as just numbers, and the supreme leader wields unfettered power. He needs only to be mindful of a mass rebellion, which is unlikely except in extreme situations. Whereas in India and the United States politicians have to be mindful of the opinions of the masses with the possibility of being booted out at the next election for failure to do so.
The nature of the politics in China allows it to be insular in its policies. But there is a caveat. China's economy is highly dependent on doing business with the world. China cannot aim to become a superpower and the number one economy in the world if it continues on with insular policies. Sooner or later its insular policies will eat into its competitiveness.
China extents its insular policies to its international relations too. Everything they do is focused solely on selfish motives, which is a corollary of insular policies, in total disregard of its effects on others. They have no qualms working with terrorist if that is good for China. They also have no qualms working with the most corrupt nation in the world if that is good for China. It doesn't matter to China what the consequences of its actions are on its host nations or the world at large.
Just look at Sri Lanka. It is buckling under the weight of Chinese loans.
Would China extent financial grants to Sri Lanka as the U.S did to Pakistan? Unlikely, unless it has much to gain from it.
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