Chinese Press Says Regulators Want To Cancel Bitcoin, But It Is Not Possible

Award-winning journalist Colin Wu is crypto-Twitter's bridge to the Chinese press. He took and translated the main points of an article from CaiXin magazine, which is "most recognized by Chinese financial officials". They apparently "consulted with people close to the People's Bank of China and other government agencies" and got their own perspective on China's repeat of this year's crypto ban. The editor's views seem extremely outdated and out of bounds. So much so that it looks suspicious. A smoke screen. The kind of things politicians say to the press to mislead them. Still, here's what the People's Bank of China and other government agencies have to say about cryptocurrencies and mining: Publicly traded Chinese companies don't do their own business, they buy mining machines and build mines. Reducing energy consumption in Inner Mongolia does not meet Beijing standards, therefore it is the most active in the fight against mining. Mining does not benefit the real economy, even if it covers the production capacity of other chips. Beijing believes that crypto is a complete bubble, and even the risk is passed on to seniors with less investment experience. Still, if you don't believe in Wu, here is the original article for you to check out. Related literature | China's Mining Ban Is Changing the Crypto Landscape As always, Bitcoinist got on the case right after it was announced: In China, miners run for a living. The country has promised carbon neutrality by 2060 and seems to think Bitcoin mining is standing in the way. The risks inherent in leveraged trading are also evaluated. A high-ranking member of the Chinese government is determined to take action for the first time. Reuters reports: A State Council committee led by Deputy Prime Minister Liu He announced…

Join the Discussion

  • BrokerEUR/USD
    IG 0.6pips (fixed) margin: 3.33%
    Core Spreads 0.6pips (variable) margin: 3.33%
  • Back to top