Bitcoin Pulls Back as China Announces Crypto Mining Clamp Down

China is now extending its anti-crypto stance to the mining industry as one of the Chinese government officials called for a crackdown on cryptocurrency mining.

In a Financial Stability Committee of the State Council meeting held on Friday, China’s Vice Premier, Liu He, specifically mentioned that the country will clamp down the crypto mining and trading activities.

“We should be more alert and look for potential risks,” Liu said, according to the meeting records. “We should crackdown on Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term mining and trading activities and prevent individual risks from being passed to the whole society.”

This push back for the cryptocurrency industry from China came only a couple of days after the country’s government and two associations of Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and the internet industry reiterated the illegality of the cryptocurrency transactions in the country.

Additionally, the impact of the fresh hostility can be seen in the cryptocurrency spot markets as Bitcoin prices hover around $37,000, which is down from the $41,000 peak achieved after Wednesday’s crash.

Apart from Bitcoin, the entire crypto market took a step backward.

The Bitcoin Mining Hub

Crypto exchanges are banned in China, but the country is still one of the largest Bitcoin mining hubs. Though the exact magnitude of the industry is not known, some estimates put the share of Chinese crypto mining at around 70 percent. However, this figure is believed to have decreased with many international markets attracting crypto miners.

Now, any crackdown on the existing Chinese crypto mining markets might heavily impact the overall cryptocurrency industry, which attracted a ton of institutional players from western countries.