china cryptocurrency not banned
China in May banned financial institutions and payment companies from providing services related to cryptocurrency transactions and issued similar bans in. Chinas central bank said on Friday that all cryptocurrency-related transactions are illegal in the country and they must be banned citing concerns around national security and safety of.
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MicroBT is the latest company to challenge Bitmain Technologiess dominance in the market for specialized cryptocurrency mining chips which Frost Sullivan predicts will grow more than fivefold to 17 billion by 2022 despite this years selloff in.
. The recent news by China serves as an extension of previous announcements in May regarding a crackdown on cryptocurrency mining and bans on. But stealing power from Chinas public institutions after the country has banned mining is particularly ballsy. Its not uncommon for cryptocurrency miners.
The Chinese government had already issued a series of increasingly restrictive legal prohibitions against cryptocurrencies starting in 2009 and issuing the first Bitcoin-specific ban in 2013. It is not that simple with China. Also Chinas stand would fade out in time Honestly it is difficult to regulate something as innovative as cryptocurrency.
Chinas Cryptocurrency Ban China has been working to ban cryptocurrencies for a while now. Servers sit on a shelf at the MicroBT offices in Beijing China on Monday Oct. Regulators in China banned cryptocurrency trading and mining this year with the countrys central bank vowing to purge illegal cryptocurrency activities last.
Plus with the Internet being the breeding ground for cryptos China will have to do a lot more than just tagging it illegal to dissuade domestic investors.
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