China Clamps Down on Cryptocurrency Miners

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This will definitely impact negatively on the crypto trading as China is home to 69.3% Bitcoin mining

Chinese government has announced its plan to crack down on cryptocurrency mining in the country. 

This was contained in a statement released on Thursday by the State Council’s Financial Stability and Development Committee. 

The statement which was translated to English and published by South China Morning Post reads in part: “The Chinese government will crack down on Bitcoin mining and trading behavior, and resolutely prevent the transfer of individual risks to the society.”

This is coming barely a day Iranian government also announced a ban on crypto mining in the country. Business Compiler had reported on Wednesday that Iran has banned Bitcoin mining in the country with immediate effect. The country’s President on a live TV stated that the country has experienced series of electricity blackouts resulting from crypto mining, which consumes much electricity. 

Read also: Bitcoin to Plunge Further as Iran Bans Cryptocurrency Mining

China had on Monday banned financial institutions from participating in cryptocurrency transactions. This will definitely impact negatively on the crypto trading as China is home to 69.3% Bitcoin mining which is largest in the world, according to data by the University of Cambridge. 

Bitcoin and other cryptocurrencies have been on a free fall since April, following Elon Musk’s tweet on Tesla’s plan to halt the acceptance of Bitcoin for its electric car payment, and other regulatory authorities slamming sanctions against the digital currencies. 

Meanwhile, Sheetz Inc, a convenience store in Pennsylvania is set to accept Bitcoin, Etheraum, Dogecoin, and Litecoin for payment at its outlets and gas stations. The digital payments will be enabled via Flexa. 

What does the future hold for cryptocurrencies? Only time will tell. 

Read also: CBN Releases List of Approved International Money Transfer Operators in Nigeria, 2021

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