China being the world's largest Cyptocurrency mining hub, tightening gripes over cryptocurrency

Despite being the world's largest cryptocurrency mining hub, China has completely banned cryptocurrency transactions in the country. China has banned all financial institutions and payment companies from offering services related to cryptocurrency transactions but China has not banned people from holding cryptocurrencies.

However, the Chinese government has warned investors to stay away from cryptocurrency trading. The People's Bank of China (PBOC) has taken tough measures against cryptocurrencies, prohibiting their use in any form of payment. China has banned crypto exchanges.

China said that the country's economy is suffering due to a sharp rise in cryptocurrency and a big fall and speculation trading. This move by China has brought down bitcoin prices from $ 64,000 to $ 37,000. But the question arises that despite being the world's largest Bitcoin mining hub,

why has China clamped down on cryptocurrencies?

👉Tightened screws due to this

Indeed, the Inner Mongolian Autonomous Region has launched a campaign to stop cryptocurrency mining to reduce carbon emissions. China already had a negative stance on Cryptocurrencies. It was only in 2014 that China banned transactions with Bitcoin.

According to a study by Cambridge University's Center for Alternative Finance (CAF), bitcoin mining in China consumed more electricity than it did in the whole of Argentina in 2019, compared to the amount of electricity consumed in bitcoin mining in China.

In addition, a research last month said that by 2024, the amount of electricity consumed in bitcoin mining in China will exceed the power consumption in Italy. In addition, the carbon emissions from bitcoin mining in China will be higher than the carbon emissions by Spain and the Netherlands. In view of this, China's cryptocurrency has been banned.

👉These restrictions were imposed

Under the restrictions imposed by China, banks, financial institutions such as online payment channels will not offer any service that involves cryptocurrency. Such service includes registration, trading, clearing and settlement.

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Hi , This is Pramod Choudhary from Nagaur Rajasthan India. I an student and I would like to share my positive thinking with everyone that's my passion . Thank you