China’s crypto crackdown has proven to have some major effects that is affecting businesses and individuals in the country. One of those effects is that major service providers in the country have closed shop, which led to the leading crypto mining company, BIT Mining Limited, to announced that its mining pool branch BTC.com is disabling services in the Chinese markets.
BTC.com says new users from China wouldn’t be able to register on the platform anymore starting October 15th in order to obey local regulations in the country.
BIT Mining is a renowned technology-driven crypto mining firm that provides data center operation, mining pool, and crypto mining. The company owns the blockchain browser BTC.com and a mining pool business operated on the website. It also provides mining services for a variety of cryptocurrencies such as BTC, BCH, ETH, and LTC.
Back in July, China’s Central Bank publicized that crypto trading or mining is considered illegal in the country. Ever since the regulatory bodies and authorities have been on the lookout for crypto firms to make sure they aren’t in business anymore resulting in the crypto businesses and people leaving.
China cited mining energy usage, money laundering, and fraud as some of the major reasons for the shutdown of virtual money dealing in the country. The People’s Bank of China announced that it is ready to help financial platform companies to modify their practices in line with the regulations.
While the country continues to clamp down the crypto industry, its Central Bank Digital Currency (CBDC) keeps getting more attention internationally. According to the Central Bank’s digital currency research institute of China, the Digital Yuan delivers the highest privacy protection.
Australia, India, Japan, France, and a few other countries are also working on their digital currencies. Meanwhile, Brazil is preparing to adopt Bitcoin as its Legal Tender before the end of the year. However, the U.S. has seen an increasing number of usage of the virtual currencies. Also, a few states are advocating for Bitcoin legalization.