Crypto Mining Banned In China | Bitcoin Ban China 2021

 China Government Ban Crypto Mining And Crypto Currencies:

    Recently china banned crypto mining and cryptocurrencies and crypto mining from their country. Now, no one can not mine crypto in China. If you are a Chinese citizen and you mines cryptocurrencies, it is illegal now in china. Also, you can not make any crypto transactions in china. China president Xi Jinping recently mention that in his country china. 

    In June 2021 China president Xi Jinping officially announced that now in china no one can mine and use cryptos for security and encryption purposes. He also mentions that cryptos are mostly used for illegal transactions. Any bank and agency can not use cryptocurrencies for mining and transactions.

Why China Banned Cryptocurrencies?

    As we know cryptos are an online currency that can be stored in an e-wallet. And this is not a safe way to make transactions with these currencies for governments. Because the government has not any control over it. Cryptos are not traceable, anyone never knows where the transaction has happened and who makes this. 

    So the government is also unable to trace any crypto transactions. And the terrorist and illegal workers take this advantage of cryptos. They make illegal transactions and they never have been traced by the governments. No banks have controlled these transactions and cryptos are not verified currencies. These are online untouchable money. 

    Most of the illegal transactions have happened in China. And government can not trace their for cryptocurrencies, so china's president Xi Jinping totally ban cryptocurrencies and crypto mining from china.

Now, What Is The Future Of Crypto Mining In China?

    first of all, now the illegal transactions would very less. They can not make any transactions behind the government. By this step, illegal works will be less and all things will be under the china government and banks. 

Read more about crypto and bitcoin mining. 

    Crypto miners who belong to china will unable to keep mining cryptos in china. Because they are also banned from China. Now crypto mining is also illegal in China. But the big crypto and bitcoin miners can be shipped to other countries where bitcoin mining is legal. They can make other countries citizenship and continue their crypto mining. 

    What Is The Situation Of China After Banned Cryptos?

    Now in China simply anyone can not use cryptocurrency for any transactions. The Illegal transactions would be less after all. Now all transactions will happen under the government rules and conditions. 

    The crypto mining machines like graphics cards and other things cost is loss. The companies who make these machines in china for crypto mining would no able longer make these. No one can purchase products from online and offline stores using cryptocurrencies. Miners can transfer their mining machines to another country. Anyone can not transfer cryptocurrencies in china. Also can not convert cash to these currencies. If any china citizen is involved with crypto transactions would no longer do this. 

    overall china banned cryptocurrencies for security purposes. And this is a big step for the government. As it has pores as same as it also haves corns. And overall the situation is unstable in china. It may take some time to make stable. Because also many normal persons are using crypto transactions. If you are feeling helped to read this post you can simply let us knows in the comment box. And if you need any help you can directly contact to us on our email. Thank you for reading.

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