What We Know About China’s Cryptocurrency Crackdown - The Verge

The Chinese government says it’s acting now for the reason that of issues about crypto’s volatile price tag, and its possible use for funds laundering and illegal dealings, according to Reuters. If you're ready to find more about Best Place To Get Crypto News review our own web site. The Chinese government has been tightening the screws on Bitcoin for years - it banned banks from handling Bitcoin in 2013, and banned initial coin offerings in 2017. But affordable electrical energy from hydro and coal, along with some legal grey places, have reportedly permitted mining to explode in the country. Now, it appears like some miners have had adequate. El Salvador has gone the opposite path, becoming the first nation to make Bitcoin a legal tender. There’s also speculation that the Chinese government may possibly be concerned about optics: crypto mining’s reputation as an environmental disaster doesn’t square with the China’s wish to be seen as a leader in green energy, with its leader pledging that the country will be carbon-neutral by 2060. It’s worth noting that China is also creating its personal centralized digital currency. China is not the only nation that’s been generating policy moves around cryptocurrencies - Iran issued a short-term ban on mining through the summer season months, and India is potentially making ownership of crypto illegal.

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