Here's why China intensified crackdown on cryptocurrencies despite being world's largest mining hub
The news of China's crackdown had sent cryptocurrency prices tumbling, from $63,000 in mid-April to $39,000 on May 19.
Despite being the largest bitcoin mining hub in the world, China has intensified its crackdown on cryptocurrencies and banned financial institutions and payment companies from providing crypto services to customers, news agency ANI reported.
A joint notice was issued by three financial self-regulatory bodies on May 18 announcing the ban directly or indirectly on providing cryptocurrency services to customers, which also includes accepting cryptocurrency as payment, Nikkei Asia reported citing local media.
The news of the crackdown had sent cryptocurrency prices tumbling, from $63,000 in mid-April to $39,000 on May 19.
The move comes following the Inner Mongolian Autonomous Region’s announcement that it has set up a platform for residents to report “illegal projects”.
Notably, the Inner Mongolian Autonomous Region had recently started campaigning about stamping out cryptocurrency mining to reduce carbon emissions.
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