> Meanwhile, the nation’s economic planning agency said it is an urgent task for China to root out crypto mining and the crackdown is important to meet carbon goals.
Of course they want to do it for the CLIMATE. Not at all because they can’t control it. Hypocrisy at its finest.
Out of curiosity, have they made an official statement on how this holds up for proof-of-stake currencies?
Looks like their economy is experiencing winter.
Their economy is only of the major economies that has come unscathed (in terms of real growth) through the pandemic. My guess is that is why they feel emboldened to do these major moves. Also I think they foresee a major contraction in asset prices when global monetary polices starts tightening and are trying to get ahead of that.
We can only guess that’s the case. Because they have lied throughout the entire pandemic we really don’t know what the effect of it has really had.
Good thing it’s only their economy and definitely won’t spread everywhere else! Kind of like that virus they had in Wuhan… that was a close one.
I'm surprised the values haven't dropped more. How much of the demand for crypto was people trying to smuggle value out of the country?