China on Banning Crypto

On April 9, Reuters reported that a Chinese government agency is considering the elimination of crypto mining in the country. Given that China has been hosting the majority of mining pools on its soil, the global crypto industry might be poised to take a massive hit. However, the plan is not written in stone at this point, and part of community has dismissed it as casual FUD.

Chinese authorities have been spearheading the “blockchain before Bitcoin” approach since September 2017, when the infamous crackdown on local initial coin offerings (ICOs) and crypto exchanges occurred. As of now, people in China can hold cryptocurrencies, but they are prohibited from trading them.

The local mining industry specifically has also been subject to repressions. In February 2018, CNN Money reported that the Chinese government pushed crypto miners to make an “orderly exit” from the industry due to tax issues and mining being generally dangerous for the environment.

Reference: https://cointelegraph.com/news/will-china-ban-crypto-mining

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Author: Neo Anderson

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