Leaders of China's largest Bitcoin mining companies cite regulatory pressure

During the week, the cryptocurrency community focused on China and the country's Financial Stability Board, stating that it wants to tackle the bitcoin mining industry. Following the statements of Chinese officials and several crypto companies closing operations in the region, executives of some of China's largest Bitcoin mining companies have openly discussed the situation. Btc.top CEO: “If China takes regulatory action against cryptocurrency mining, major Chinese mills will sell overseas. The million dollar question is whether the Chinese government will continue to attack the crypto industry right now. It all started when Reuters published a report on May 18 that "Banned Chinese Financial Payment Institutions from Cryptocurrency Activities." In essence, the press release notes that China is telling "the three financial industry associations" not to provide "crypto-related services" to financial institutions and payment processors. In a follow-up statement the next day, Reuters included "account opening, registration, trading, clearing, clearing and insurance, repeating the 2017 ban," among services. Then, five days ago, regional reports detailed China's 51st Central Financial and Economic Affairs Commission meeting, and Liu He, the head of the organization, discussed the Bitcoin mining industry. The economy committee and financial stability board have once again announced that they will take action against illegal bitcoin mining and monitor the industry. Following the economic affairs meeting and Liu He's remarks, Btc.top CEO Jiang Zhuoer spoke about the situation. According to the minutes of the “China Financial Stability Board”: “We prevent financial risks and manage with determination…. "We will oppose bitcoin mining and crypto trading activities to prevent social spreading of individual risk," Zhuoer said. "From here, avoid the 'core of the meeting and

Join the Discussion

  • BrokerEUR/USD
    SpreadEX 0.6pips (variable) margin: 3.33%
    InterTrader 0.6pips (fixed) margin: 3.33%
  • Back to top