China Imposes Crypto Censorship, Bitcoin Interest Drops

China Imposes Crypto Censorship, Bitcoin Interest Drops

imageCryptocurrency30 minutes ago (Jun 11, 2021 08:00AM ET)

(C) Reuters. China Imposes Crypto Censorship, Bitcoin Interest Drops

  • China is imposing stricter censorship and rules on crypto activities.
  • First it cracked down on crypto mining, then it blocked out crypto exchanges online.
  • Interest in China for crypto is falling as a result.

China seems to be imposing stricter censorship toward decentralized crypto trading day by day. Many of its recent actions show the country’s stance against crypto trading and Bitcoin in particular.

Beginning with its crackdowns on miners in the country, all the way to its blatant blocking of leading exchange websites online, China is turning out to be no friend to crypto.

On 9 June, a western Xinjiang district government issued a notice “to immediately suspend virtual currency mining enterprises”. The report announced that companies mining digital currency must stop production by 2 PM on the same day. They must also report the suspension to a local reform commission.

The sudden announcement resulted in major drops in global hashing power. Just the Chinese-backed Ant Pool (NASDAQ:POOL) dropped by more than 30%. It …

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China Imposes Crypto Censorship, Bitcoin Interest Drops

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