• Wed. Jun 19th, 2024

China Continues Putting High Pressure On Crypto Mining

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Aug 30, 2021
Digital Yuan Payments Pilot to be Launched by Chinese Central Bank

In a recent statement, Chinese Financial authorities vowed to continue to put high pressure on the crypto mining, trading, and crypto community. An official at the People’s Bank of China recently said that people need to stay updated about the risks associated with crypto trading and should stay away from investing in cryptocurrency.

China in recent times triples the speed of its crackdown against the crypto community. The country has publicly stated that Bitcoin (BTC) and other digital assets “are no more treated as the legal entity and have no actual value,” in Chinese territories. However, the People’s Bank of China is working on state-owned native digital coins backed by the Chinese central bank.

Yin Youping, the deputy director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China (PBoC), publicly said on a local channel, that the Chinese central bank continues to push bitcoin by applying “high-pressure situation” and the country will keep its crackdown against the trade of digital currencies.

He further added that digital currencies trading is based on the hype rather than relying on the market indicators. The factors of volatility being created on purpose by some individuals, decide when to raise the market volume and when to crash the market. So, it is the responsibility of the state to keep them updated against such a bullish market, said Yin Youping.

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Despite the permanent lockdown by the authorities against the crypto authorities, Youping sensed the possibility of an intense comeback by the crypto traders and operators in China. Chinese officials have also said that the People’s Bank of China will soon tie-up with local law enforcement agencies and digital experts to track down all the crypto traders using the offshore crypto accounts to conduct their trading. The blockage of offshore crypto exchanges will increase the chances to bring in transparency.

In the next phase of the crackdown, Chinese government officials have decided to identify the hydropower plants all across the country to cut down the electricity supplier to the crypto miners. Cutting down the power supply for the miners will further reduce the crypto activities in the country.

In addition to that, regulatory authorities have also asked for cooperation. Powerplants have been asked to notify local authorities after removing crypto miners from their grids. Moreover, the Public Bank of China working with private banking and insurance companies to track down digital currency users. It seems that Chinese regulatory authorities are fully focused to shut down all sorts of crypto-related activities on every possible scale. However, crypto miners are moving away from China.

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