Potential Scenarios in China’s Bitcoin Mining Ban
China, the world’s biggest market for computer hardware produced to mine Bitcoin and other major cryptocurrencies, recently banned crypto mining activities, with the aim of combating the increasing pressure on the government from the crypto sector. The move - China’s Bitcoin (BTC) and cryptocurrency mining ban – poses some potential scenarios.
China Bans Bitcoin & Cryptocurrency Mining
The People’s Republic of China, the world’s largest market for computer hardware created to mine Bitcoin (BTC), has totally banned crypto mining in the country in order to stop the growing pressure on government from the cryptocurrency industry. No time limit for the ban has been set.
China Supports Blockchain Tech but not Cryptocurrency
China’s attitude on distributed ledger technology (DLT) is in agreement with global policy trends. The country embraces blockchain technology but not cryptocurrency, according to the BITBLOCK monthly research report on “Chinese Blockchain Policy.”