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BCH $631.89 (-0.3%)
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BNB $409.02 (-2.1%)
ADA $2.36 (-2.1%)
DOGE $0.23 (-2.6%)

Market Continues To Fall as China Mulls Banning BTC Mining

Market_Bloodbath_Continues_as_Chinese_Government_Mulls_Banning_Bitcoin
  • China’s Financial Committee announces a crackdown on BTC mining activities.
  • The market continues to fall down as Bitcoin reacts negatively to this news.
  • It is the first time the highest level of Chinese government addresses a stop on trading BTC.

In a meeting held this Friday, China discusses strict anti-cryptocurrency regulations. China’s Financial Committee discussed ways to lessen financial risks in the country. More so, the said council headed by its Vice Premier Council Liu He believes it ensures a powerful economic cycle.

With that said, the Twitter community thinks it is simply FUD (fear, uncertainty, and doubt). However, Bitcoin seems to react negatively to this news, falling below $36,000.

Apart from this, Wu Blockchain, a Chinese journalist tweeted ‘it is the first time the highest level of Chinese government has clearly proposed a blow to the mining industry’.

Recent reports further reveal that the government called for a stop on any bitcoin activities. An excerpt of this says,

strengthen the supervision of platform enterprises’ financial activities, crackdown on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field.

Furthermore, the committee explained the importance of adopting such measures. Consequently, they stated it is necessary to maintain the smooth operation of the stock, debt, and foreign exchange markets. The discussion further elaborated it is to severely crack down illegal securities activities, and punish illegal activities accordingly.

Of note, this is not the first time the government has tried to end bitcoin mining. Back in 2019, China’s National Development and Reform Commission (NDRC) listed Bitcoin mining among the industries that should be eliminated.

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Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.