NFTs in China are still legal, but they are in a gray area in regulation. Tencent, one of China’s tech giants, has been involved in this move.
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Only time will tell how the shift in the concentration of Chinese Bitcoin Miners, geographically, will affect countries’ economies as well as the price of Bitcoin after china forbids and shuts down crypto mining.
In China, more than a thousand people were arrested for involvement in crypto money laundering. The defendants charged 1.5 to 5% to convert illegal money into cryptocurrencies, using different brokers.
BDigital Yuan distribution will take place through a lottery in Beijing. Lucky winners will receive one of the 200 000 “red envelopes”.
Cryptocurrency trading in China is being done in over-the-counter (OTC) and point-to-point (P2P) markets, making them extremely difficult for the government to track.
The hashrate Bitcoin dropped by about 33% in the last 3 days, of 185 to 124 exahashes per second. A similar drop was seen last month when an incident in Xinjiang paralyzed mining farms in the region.
If China bans mining, critics will have one less lie to tell and cryptocurrency will still survive the FUD.
China, Cuba, and Bolívia have issued warnings in the past few days, now is Argentina warning about Bitcoin
The remote mountainous region of Xinjiang is one of China’s main mining provinces contributing for Bitcoin hash rate drop.
Blockchain technology has been, so far, the biggest endeavor in Beijing, China, with local governments across the country running extensive tests to accelerate the Implementation of Digital RMB.