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China broadens crackdown on crypto mining industry
Also: Bitcoin falls 10% as China intensifies crypto crackdown (Bloomberg)
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Source: Agence France-Presse
China broadens crackdown on crypto mining industry
Issued on: 21/06/2021 - 08:38
Modified: 21/06/2021 - 08:36
Beijing (AFP)
China has broadened a crackdown on its massive cryptocurrency mining industry with a ban on mines in a key southwestern province.
Chinese mines power nearly 80 percent of the global trade in cryptocurrencies despite a domestic trading ban since 2017, but in recent months several provinces have ordered mines to close as Beijing turns a sharp eye to the industry.
Authorities in the province of Sichuan ordered the closure of 26 mines last week, according to a notice widely circulated on Chinese social media and confirmed by a former bitcoin miner.
The notice reportedly instructed power companies to stop supplying electricity to all cryptocurrency mines by Sunday.
It vowed a "complete clean-up" and ordered local governments to carry out a "dragnet-style investigation" to find and shut down suspected crypto mines.
-snip-
Issued on: 21/06/2021 - 08:38
Modified: 21/06/2021 - 08:36
Beijing (AFP)
China has broadened a crackdown on its massive cryptocurrency mining industry with a ban on mines in a key southwestern province.
Chinese mines power nearly 80 percent of the global trade in cryptocurrencies despite a domestic trading ban since 2017, but in recent months several provinces have ordered mines to close as Beijing turns a sharp eye to the industry.
Authorities in the province of Sichuan ordered the closure of 26 mines last week, according to a notice widely circulated on Chinese social media and confirmed by a former bitcoin miner.
The notice reportedly instructed power companies to stop supplying electricity to all cryptocurrency mines by Sunday.
It vowed a "complete clean-up" and ordered local governments to carry out a "dragnet-style investigation" to find and shut down suspected crypto mines.
-snip-
Read more: https://www.france24.com/en/live-news/20210621-china-broadens-crackdown-on-crypto-mining-industry
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Source: Bloomberg
Bitcoin falls 10% as China intensifies crypto crackdown
By Joanna Ossinger | Bloomberg
21 Jun 2021
Bitcoin fell to a two-week low amid an intensifying cryptocurrency crackdown in China.
The largest virtual currency fell 10% to $32,350 as of 8:50 a.m. in New York. Ether declined 13% to $1,950.
China announced on Monday that it summoned officials from its biggest banks to a meeting to reiterate a ban on providing cryptocurrency services. It’s the latest sign that China plan to do whatever it takes to close any loopholes left in crypto trading.
Representatives from Industrial and Commercial Bank of China Ltd., Agricultural Bank of China Ltd. and payment service provider Alipay were reminded of rules that prohibit Chinese banks from engaging in crypto-related transactions, according to a statement from the central bank on Monday.
“The PBOC crackdown is going further than initially expected,” said Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX. “Mining was phase one and speculation is phase two.”
-snip-
By Joanna Ossinger | Bloomberg
21 Jun 2021
Bitcoin fell to a two-week low amid an intensifying cryptocurrency crackdown in China.
The largest virtual currency fell 10% to $32,350 as of 8:50 a.m. in New York. Ether declined 13% to $1,950.
China announced on Monday that it summoned officials from its biggest banks to a meeting to reiterate a ban on providing cryptocurrency services. It’s the latest sign that China plan to do whatever it takes to close any loopholes left in crypto trading.
Representatives from Industrial and Commercial Bank of China Ltd., Agricultural Bank of China Ltd. and payment service provider Alipay were reminded of rules that prohibit Chinese banks from engaging in crypto-related transactions, according to a statement from the central bank on Monday.
“The PBOC crackdown is going further than initially expected,” said Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX. “Mining was phase one and speculation is phase two.”
-snip-
Read more: https://www.aljazeera.com/economy/2021/6/21/bb-bitcoin-falls-10-as-china-intensifies-crypto-crackdown