Chinese police have arrested over 1,000 people on money-laundering charges, alleging they used cryptocurrency to help them evade the law. This is the fifth round of a nationwide crackdown on money laundering activities related to telecom fraud in China, dubbed “Card Breaking Operation,” according to a statement released by the Ministry of Public Security on […]
It follows other provinces, including Xinjiang and Inner Mongolia, in ordering miners to shut down.
The move comes as officials in mainland China have upped the pressure on crypto mining and trading.
The local government of Changji in Xinjiang has instructed miners at the Zhundong Economic Technological Development Park to shut down mining activities.
The cryptocurrency is up from a low price of about $31,000.
Bitcoin continues its descent amid whispers of U.S. Federal Reserve tapering economic stimulus and China's ongoing pressure on crypto miners.
China should "promote the deep integration of blockchain and economy and society and accelerate the promotion of blockchain technology for application and industrial development."
Concerns of a crackdown by Beijing have been weighing on the market over the past weeks.
The new blockchain will increase efficiency and reduce cost to protect digital copyrights.
Brokerage platforms Tiger Brokers and Futu said they will offer crypto trading specifically to customers outside mainland China.
Over-the-counter activity has picked up since the Communist Party reiterated its ban on crypto services on May 18.
Central bank digital currencies will one day be more "smart," and not merely digital versions of cash, Yao Qian said.
Some mines in Sichuan are operating as usual despite the recent crackdown, Global Times reported.
Big Chinese miners are likely to survive the crackdown.
China's government is taking more drastic measures against bitcoin mining. The Ballet CEO thinks this will strengthen the network over time.