After Crypto Ban, The Chinese Central Bank Is Targeting Bitcoin Miners
The Central Bank of China recently revealed to a top-level government internet finance group that local governments can be directed by the monetary authority to regulate the usage of power amongst bitcoin miners for reducing the scale of their production gradually. Since the People’s Bank of China (PBOC) cannot regulate the power usage of bitcoin miners directly, it can instruct local authorities to do the same. This was pointed out to the members of Leading Group of Beijing Internet Financial Risks Remediation by the central bank during a meeting conducted at the end of 2017.
China might not have welcomed the crypto phenomenon with open arms but it has remained to be one of the biggest bitcoin mining what sources where miners flock in for solving complex mathematical riddles using their computer and are awarded in terms of virtual coins for their efforts. The demand for electricity had been on a constant rise powered by the intensive computer usage for bitcoin mining.
China ordered a complete ban on all initial coin offerings by pulling down the shutters of cryptocurrency trading exchanges for containing the inherent financial risks associated with money laundering and hacking of virtual wallets which has plagued the crypto world since the very beginning. Given such stringency, bitcoin miners had been living in fear of becoming the next target of the regulatory glare. A source who wished to remain unnamed revealed that PBOC wants to stall all bitcoin mining development in days to come. PBOC was enquired about the same but no response was received from them outside business hours.
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