In turn, some crypto holders in China and Hong Kong are now scrambling to find a way to safeguard their assets, as CNBC reported.
This time, the Chinese government is likely motivated by the development of its digital yuan and central bank digital currency, Demirors says.Ĭhina is also looking to fulfill its climate targets, aiming to become carbon neutral by 2060, and mining cryptocurrency like bitcoin is extremely energy-intensive, using a lot of computer power. Now, in its latest ban on all cryptocurrency-related activities, China remains committed to its stance. It doubled down on forcing miners out, and the PBOC said it plans to step up monitoring of crypto-related transactions. Just earlier this year, China announced more measures to shutdown crypto mining rigs, which process and verify crypto transactions, and reiterated its ban on Chinese financial institutions providing crypto-related services. It is the pure antithesis of their regime of top-down centralized currency control," Chris Bendiksen, head of research at CoinShares, says. "It should surprise no one that China doesn't like bitcoin. regulation of cryptocurrency, experts in the space say.Ĭhina has targeted bitcoin since 2013, forbidding financial institutions from handling bitcoin transactions, and over the years, has renewed its crackdown of the crypto market. investors shouldn't worry much – in fact, they should worry more about the potential fallout from U.S. So though each similar announcement from China causes an initial drop in the market, U.S. But there are ways that bitcoin could be regulated." "I don't think that's technologically possible. "I don't think even a concerted effort among different countries and different central banks could actually shut down bitcoin," Ledbetter said. "There's always something 'different' about the bans, but this happens all the time and it's never really dramatic in the larger scheme of things."Īnd it would be quite difficult for any government to effectively ban bitcoin due to its design, James Ledbetter, editor of fintech newsletter FIN and a CNBC contributor, previously told CNBC Make It. "This has to be the 20th time that China has banned bitcoin," Meltem Demirors, chief strategy officer at CoinShares, tells CNBC Make It.
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