Beijing –
Government China serious about tackling cryptocurrencies like Bitcoin in his own country. Even the recent actions of the Bamboo Curtain Country had suppressed the previously soaring price of Bitcoin.
As quoted detikINET According to CNN, Chinese authorities have intensified raids on crypto mining, calling it a very destructive practice and a threat to the country’s efforts to reduce carbon emissions. Cryptocurrency mining takes a lot of energy.
The spokesperson for the National Development and Reform Commission (NDRC), Meng Wei, at a press conference said Bitcoin mining consumes a lot of energy and produces high carbon emissions.
So his party as the regulator of the Chinese economy will carry out full-scale raids against commercial Bitcoin mining as well as those involving state-owned businesses. He stated that this industry is a big risk and there are no rules.
They will increase the price of electricity at any institution that is proven to participate in mining Bitcoin. Then it was also reported that the news site Bitcoin in China such as ChainNews and Odaily got blocked.
The harsh criticism from China made the Bitcoin price drop 7% before stabilizing again. Previously, the government of the Bamboo Curtain Country had stated that all transactions related to crypto money were illegal.
China calls all business activities using cryptocurrencies illegal. “All cryptocurrencies are not legal compensation and should not and cannot be used in the market as money,” their statement reads.
According to Chinese authorities, cryptocurrencies are often used in criminal activities including fraud, pyramid schemes, money laundering and others. China has also raided mines massively Bitcoin so that the country is no longer the largest Bitcoin mining center.
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