China Crypto Crackdown

Throughout 2021 we have seen a series of crypto bans coming from Asian countries. Last year, some countries decided to adopt Bitcoin as legal digital currencies, while others chose to ban cryptocurrencies investments. Worldwide decisions from policymakers have affected the price of leading cryptocurrencies. While it is difficult to predict what will happen in 2022, some trends already seem visible in many economies. This article will summarize what we saw in 2021. Also, it tries to read between the lines…

Could the Chinese government reconsider its stance against cryptocurrencies? The country's National Development and Reform Commission (NDRC) recently published a report seeking public opinion on the matter. China has dictated multiple bans on Bitcoin over the past 8 years. However, the government may have the motivation to not altogether reject its adoption. China Consults the Public Earlier today, the commission published its report to its website under the "Soliciting Opinions" (translated) category. It states that central departments have revised one…

China's crypto crackdown was always going to affect the industry in several ways. However, the country still holds a significant stake in the industry. It appears that the fallout of its crypto ban is quite strong. Everyone is Leaving China Several crypto companies are leaving China this week. They're doing so because the government has made all crypto transactions illegal. Like South Korea, China regulates crypto harshly. The exits have been swift. Crypto exchange BitMart announced that it would remove all accounts created…

Crypto users in mainland China may not have access to the two most popular crypto market data sites. According to recent reports, China's internet firewall has blocked CoinMarketCap and CoinGecko. This indicated that China's Great Firewall blocked these two sites at 100% as of press time. Users of the two sites started to notice signs of blockage early morning (China time) on Tuesday. It is not clear when these sites became inaccessible. TM Lee, the co-founder of CoinGecko, told The…

The China-based Ethereum mining pool SparkPool has decided to halt its services for all users. The platform posted the development to their website and Twitter account on Monday. The firm is one of the world's largest Ethereum mining pools. SparkPool stated that it is doing so due to stricter enforcement of crypto mining bans in the country. Also, it announced that it was suspending access to new users in mainland China. In addition, the entity intends to stop existing users in China and abroad…

Recent reports show that China is increasing its crackdown on crypto mining activities. The main reason behind the crackdown was China's 5-year plan to be carbon neutral. Yet, other reports state that power shortages in the upcoming winter could be the reason behind the crackdown. Furthermore, China could be looking to strengthen its digital yuan.  China Intensifies War on Crypto Miners Recently, there have been reports that China is increasing its crack illegal crypto mining. The China crypto crackdown has…