Chinese extends crypto currency ban
He's covered a range of topics, such as tech, travel, sports and commerce. On his days off, you can find him at Isotopes Park in Albuquerque watching the ballgame. On Sept. China's crypto crackdown comes as governments around the world -- including the US -- begin to coalesce their official positions on digital assets and virtual currencies.
The Chinese government has long been dubious of cryptocurrency, so the move to ban it outright isn't entirely surprising. Below, we break down the implications of China's announcement, its impact on exchanges in the US and elsewhere -- and what it could mean for digital currencies in and beyond. Now playing: Watch this: Bitcoin consumes more energy than many countries What was China's official position leading up to the ban?
China has long been crypto-skeptical. In , the nation banned Chinese banks from handling Bitcoin. In , China banned initial coin offerings -- the crypto version of an initial public offering -- wherein a cryptocurrency startup sells coins or tokens to raise funds for the venture. The People's Bank of China, which is the country's central bank, designated them an illegal form of fundraising.
Read more: Initial coin offerings, explained More recently, China has taken aim at crypto-mining operations within its borders. In , China's state planner expressed interest in banning Bitcoin mining. And earlier this year, the Chinese government outlawed crypto mining in various provinces -- including the Bitcoin mining epicenter of Sichuan.
It's still unclear how the ban will affect e-CNY , China's own state-backed digital currency. How central is China to cryptocurrency mining? Explainer: What's new in China's crackdown on crypto? China in May banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and issued similar bans in and The repeated prohibitions highlight the challenge of closing loopholes and identifying bitcoin-related transactions, though banks and payment firms say they support the effort.
Friday's statement is the most detailed and expansive yet from the country's main regulators, underscoring Beijing's commitment to suffocating the Chinese crypto market. The move comes amid a global cryptocurrency crackdown as governments from Asia to the United States fret that privately operated highly volatile digital currencies could undermine their control of the financial and monetary systems, increase systemic risk, promote financial crime and hurt investors.
They also worry that "mining," the energy-intensive computing process through which bitcoin and other tokens are created, is hurting global environmental goals. Chinese government agencies have repeatedly raised concerns that cryptocurrency speculation could disrupt the country's economic and financial order, one of Beijing's top priorities.
Analysts say China also sees cryptocurrencies as a threat to its sovereign digital-yuan, which is at an advanced pilot stage. Republican Senator Pat Toomey tweeted. While U. It also barred financial institutions, payment companies and internet firms from facilitating cryptocurrency trading nationally. A small toy figure and representations of the virtual currency Bitcoin stand on a motherboard in this picture illustration taken May 20, China's National Development and Reform Commission said it will work to cut off financial support and electricity supply for mining, which it said spawns risks and hampers carbon neutrality goals.
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