Xi Jinping Seriously Wants To Turn Off Bitcoin Cs, This Is His New Weapon

admin November 21, 2021 0

 

 The Ji Xinping government is really willing to shut down cryptocurrencies like Bitcoin, Ethereum, and Dogecoin. After shutting down people's access to crypto money, China is now taking strong measures on crypto mining activities.

National Development and Reform Commission (NDRC) spokesperson Meng Wei said it would launch a "full-scale" crackdown on cryptocurrency mining with a focus on commercial mining and the role of state-owned enterprises in the industry.

Meng Wei called cryptocurrency mining an “energy-consuming” activity that produces a lot of carbon emissions, a practice that threatens China's plans to reduce carbon emissions.

Meng Wei also called the production and trading of cryptocurrencies a "big risk" and called the crypto industry "blind and disorganized", as quoted by CNNInternational, Friday (11/19/2021).

Meng Wei added that this recent new effort targeting cryptocurrency mining would be "very important" to China's goal of reducing carbon emissions and achieving carbon neutrality.

China must "strictly prevent [cryptocurrency mining] from rising from the ashes," Wei Meng said.

As part of the crackdown, the NDRC will raise electricity rates for any institution found abusing access to subsidized electricity to participate in crypto mining. China is known to subsidize electricity tariffs on schools, community centers or other public welfare institutions.

This year China did take firm action on cryptocurrencies. In May, China banned financial institutions and fintechs from facilitating any cryptocurrency transactions.

Chinese society. they call the activity illegal.

In addition to threatening the government's plans to reduce carbon emissions, China sees cryptocurrencies as a major financial risk and as a way for citizens to circumvent strict government controls over capital.

Restrictions on decentralized currencies like bitcoin also emerged as the government rolled out a digital version of the yuan, which would allow China's central bank to exercise more control over the flow and exchange of money.

The latest new effort to target mining will be "very important" to China's goal of reducing carbon emissions and achieving carbon neutrality, Meng said at a press conference Tuesday.

China must "strictly prevent [cryptocurrency mining from] rising from the grave," Meng said.

According to Nature Communications, China accounted for 75% of Bitcoin mining in the world as of April 2021.