China’s Cryptocurrency Crackdown: What’s The Real Reason Behind Beijing’s Move?

China's central bank has announced that all transactions of crypto-currencies are illegal. China escalated its crackdown, issuing a nationwide ban on mining and other crypto-related activities. The price of Bitcoin fell by more than $2,000 following the Chinese central bank’s announcement. Experts say China’s crackdown on crypto activities is focused on its high power-consuming process.
#ChinaCryptoBan #Cryptocurrency #Bitcoin

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[ericme]

The downturn of Chinese hegemony started

[abc_cba]

Most countries are scared of crypto currencies turning their monopoly and public dependencies to just be a nightmare !

Same goes for India !

[nurphase]

Crypto is not popular among governments that govern a healthy economy. Poor nations, so far, are the ones that adopted crypto currency as a legal tender.

[dhruvikdonga]

Xiping :- we don't allow those assets which cannot be stealed

[saqib]

The shortage of coal and other fossil fuels in China is a clear sign that the world is heading towards doomsday with too little resources .
The world should jow come together to tackle this problem before it gets worse

[abhishektevotia]

They are just manipulators, sooner or later BTC will be at its peak

[corywilson]

A lot of people will be kicking themselves in a few weeks if they miss the opportunity to buy and invest in bitcoin and other Cryptocurrencies

[PruTroom]

Every Gamers rn that has no gpu
:) :( :) :( :) :¤

[adrian.r]

Two birds with one stone. Mining and trading. Clever commies.

[foondavid]

China has abundance coal reserve. It controls the output of coal due to commitment to clean energy. Besides, its neighbour Mongolia exports almost all its coal to China.
No problem of not getting from Aus.

[craigrichards]

China by 2060 bull why not now like other countries?

[davidcooper]

The amount of energy required to produce for Bitcoin mining seems miniscule compared to steel production and the energy requirements of the country. Xi jinpings are numbered. I applaud Australia. They have the cold and iron ore to produce steel domestically. Six nuclear submarines and Boeing is going to open a plant there to build military drones.

[joesixpence]

Crypto be out of govt (any) control. Bad for tribe.

[johnxina]

it should be legal but there should be a specific rule for that like how can we track bank transaction money so any such illegal think happen so we cantrack it easily. crypto is very good way to earn money and it can help to develope the country economics

[RyuKilledKenny]

Does anyone remember the old 'US has plenty of its own oil', yet never produced enough to export and proceeded to invading the 2nd largest oil producer (Iraq) at the time. They DON'T have enough oil and never will, so they are forever dependent on foreign production. Frankly China is in the same boat, they have their own coal but doesn't have that much coal to service all areas, and they're not experienced like the Aussies when extracting coal. China's procurement of coal serves both domestic market and industries. If China relied on their own coal, they would have only enough to service domestically but not for production needs for their international exports. My ASX coal and metal stocks are loaded and ready to moon.

[nihaltm]

Basically China tried Aatmanirbhar China in energy sector and got busted. Some lessons to learn there.

Also before China starts cracking down on crypto I wanna say something, "GOOD LUCK".

[blafoloo]

👆👆🏻👆👆🏻 shows me a legitimate Proof and evidence of how the software works is good to be trusted....

[animeshskr]

Indian government should also worry now... because Indian investment in crypo at present is in increase (at time where West and Economically strong nations have already invested a long before) ....it will be a gamble to play investment game for India in crypto.

[gathuigangmei]

See you crypto when zackmaa become more dwelt

[kshitizpal]

Instant decisions always cause problems in a country whether in economy or anything else.
In India also overnight demonetization caused economic slowdown.