PBOC and the Chinese Government joined hands to practice a permanent crypto ban in the region citing environmental issues.
Bitcoin is said to have suffered a slight decrease in its prices due to incessant policies encouraging a full-time ban on crypto operations in China. The country has adopted a strict stance towards cryptocurrency operations and has issued a fresh warning to institutions that are still engaged in mining BTC or promoting cryptocurrency in the region.
In a recent move to accelerate the crypto ban in China, the authorities have now shut down a Beijing-based software company that was said to have been facilitating crypto operations virtually. The Chinese authorities have ordered a complete shutdown of the company and have restated that the Government from now onwards will not favor any crypto activity in the region at any cost.
PBOC and the Chinese Government joined hands to practice a permanent crypto ban in the region citing environmental issues and how crypto mining is one of the primary sources of increased carbon emissions in the country. China being one of the largest industrial producers of carbon emissions have expressed their concern for environmental degradation and how crypto mining has become an obvious environmental hazard for the country.
Reaction of Bitcoin to the News from China
As the news of China tightening their crypto crackdown news went viral, the prices of Bitcoin have suffered a slight dip in prices. The prices of BTC earlier were maintaining a steady growth at $35100, which now have slightly dipped to $34000. Bitcoin has been quite receptive to the news of China practicing a crackdown on crypto and has suffered many price dips lately due to this.
The prices have yet again taken a hit as the crackdown activities have been intensified in the region yet again and have affected the overall market value of BTC to endure an unpleasant fall in the market rate.
Juhi Mirza is an archaeological major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.