China

As the saying goes "one man's trash is another man's treasure", China has kicked out 90% of Bitcoin miners, but the rest of the world seems to be benefiting from the move. Kazakhstan is now reaping the benefits of crypto miners fleeing China, while Beijing continues to lose revenue and vital technology.

The European Central Bank has just announced that it has reached the investigative stage of its digital euro project. If successful, the European Union would be the largest economic bloc to implement a Central Bank Digital Currency (CBDC) project. The progress made by the European Central Bank is a step towards a "CBDC era".

There is an opinion that the Chinese ban is actually good for the bitcoin price in the long run. The ongoing crackdown on bitcoin mining and trading could boost bitcoin and other cryptocurrencies in the future.

Although China has cracked down on cryptocurrencies in recent years, it remains the largest bitcoin mining country in the world, with more than 65% of the total hashrate.

For the first time in 2021, all of the top 50 cryptocurrencies are trading in the red as both their 24-hour and 7-day prices are in negative territory.

China, a workshop for more than 65% of the world's bitcoin, has taken a tough stance against crypto mining and related transactions, including a total crackdown on bitcoin mining.

Despite Africa being the poorest continent on earth with most people living below the poverty line, the continent is out to prove the world wrong when it comes to digital financial technology. The transaction volume of cryptocurrencies is growing steadily, and Nigeria is leading Central Bank Digital Currency (CBDC) innovation in Africa.

As China is continuing to crack down on Bitcoin and cryptocurrency mining and trading, more provinces in the country are implementing the decision. However, in an attempt to stop such environmentally unfriendly and high-energy-consuming activities, the prices of cryptocurrencies including Bitcoin (BTC), Ethereum (ETH) are negatively being affected.

Ever since the first cryptocurrency, Bitcoin, was invented, cases of money laundering have been on a high rise almost every year. Now, China and India are battling with money laundering cases that are a threat to their economy and the finance industry at large.