China abandons cryptocurrencies under the PBoC (this time it’s for real)

New data centres set to be established to compensate provinces for lost crypto mining revenues


The mining and trading of crypto assets in China has experienced a crackdown since mid-May. Financial institutions and payment companies were banned from providing services related to cryptocurrency transactions; and investors were warned against speculative crypto trading. These further escalated into a clampdown on bitcoin mining and trading activities by China’s supreme financial regulatory body, the State Council’s Financial Stability and Development Committee, leading to the arrest of over

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