China’s bitcoin crackdown: why is it happening and what’s next for the original cryptocurrency?

//China’s bitcoin crackdown: why is it happening and what’s next for the original cryptocurrency?

China’s bitcoin crackdown: why is it happening and what’s next for the original cryptocurrency?

Bitcoin, the world’s first and most popular blockchain-based cryptocurrency, has seen a wild year. After investment fervour pushed prices past US$63,000 in April, its value then plummeted by more than 40 per cent.Beijing, concerned by the volatility, announced another crackdown on the cryptocurrency. This time, it went after a practice previously assumed to be safe: bitcoin mining.Local governments across mainland China have responded by pushing out cryptocurrency miners, forcing some of these…

Article by [author-name] (c) China - South China Morning Post - Read full story here.

By | 2021-07-15T18:00:15+00:00 July 15th, 2021|Headlines|Comments Off on China’s bitcoin crackdown: why is it happening and what’s next for the original cryptocurrency?