Crypto media closes, bad news just repeats, mining laws are beneficial?

This weekly roundup of stories from Mainland China, Taiwan, and Hong Kong makes an attempt to curate the trade’s most necessary information, together with influential tasks, adjustments within the regulatory panorama, and enterprise blockchain integrations.

It has now been two months for the reason that crypto crackdown and subsequent enforcement started. Most new tales at the moment are simply the trickling down of earlier nationwide insurance policies being enforced at a provincial degree. The newest instance was from the Anhui provincial authorities, because it announced a set of measures to cut back vitality consumption, with cryptocurrency mining listed among the many culprits. Anhui is a small province east of Shanghai, extra identified for its scenic rural panorama and agriculture than its contributions to the financial improvement of China. It’s probably different provinces, notably ones that depend on coal for vitality, can have related bulletins over the summer time because the central authorities pushes for a carbon-neutral future.

On July 13, Chinese language mining pool large Bit Mining announced it had raised $50 million for enlargement exterior of China. The corporate is listed on Nasdaq and operates BTC.com, which is presently a high 5 pool for Bitcoin, Bitcoin Money, and Litecoin. That is one other signal that Chinese language mining corporations aren’t giving up in gentle of the restrictions at house, as an alternative selecting to relocate the information facilities and mining machines overseas.

The disappearing trade left a path of spectacular pictures, together with some revealed by Monetary media Caixin. One picture that grabbed the eye of social media depicted a lady who gave the impression to be an ethnic minority holding a bundle of mining gear and energy cables like a flower bouquet.

Going for gold?

Former Bitmain CEO Jihan Wu believes that the mining laws will profit the trade over the long-term, citing an improved public image and eradication of dangerous actors. It’s definitely a pleasant thought, however for the time being, China appears extra intent on eliminating all actors, not simply the dangerous ones.

With the upcoming Winter Olympics in February of 2022 looming, Beijing can have the right alternative to indicate off clear blue skies and clean-energy industries. On high of that, China can showcase its state-of-the-art central financial institution digital forex, with out the confusion stemming from extra speculative digital belongings that may seem to have similarities on the floor. These with first hand reminiscences of the 2008 Summer time Olympics may keep in mind the strict regulation towards know-how and social unrest previous to that landmark occasion.

Lowest volumes in years

The affect is being felt by main exchanges in China. Huobi’s BTC/USDT pair noticed solely 109K BTC transacted prior to now week, the bottom weekly quantity relationship again to October of 2018. World exchanges have been additionally affected by slumping volumes, however to not the diploma as these predominately Chinese language exchanges. In right this moment’s regulatory local weather, there’s little question that exchanges proactive in decentralizing operations and threat are higher poised to reduce harm from unfavorable insurance policies.

Working collectively for compliance?

On July 13, the Nanjing Public Safety Analysis Institute announced it was working with OKLink to fight cash laundering. OKLink is a blockchain know-how agency that has ties to OK Group, an organization that used to handle main alternate OKex. With alternate management beneath unimaginable scrutiny in 2021, there isn’t any shock in seeing makes an attempt to placate regulators.

Abandoning ship

On July 15, cryptocurrency media firm Bishijie announced it was shutting down after violating nationwide legal guidelines towards cryptocurrency. Bishije, which interprets to Coin World, had loved lots of recognition in 2018, previous to the depths of the final bear market cycle. This current bull cycle by no means noticed it totally get better it’s earlier place nevertheless, making this solely a minor loss for the present cryptocurrency area. It stays to be seen whether or not different media platforms primarily based within the mainland can survive this making an attempt time frame.

With the upcoming Winter Olympics in February of 2022 looming, Beijing can have the right alternative to indicate off clear blue skies and clean-energy industries. On high of that, China can showcase its state-of-the-art central financial institution digital forex, with out the confusion stemming from extra speculative digital belongings that may seem to have similarities on the floor. These with first hand reminiscences of the 2008 Summer time Olympics may keep in mind the strict regulation towards know-how and social unrest previous to that landmark occasion.

Source: https://cryptonewsinsider.com/2021/07/16/crypto-media-closes-bad-news-just-repeats-mining-laws-are-beneficial/

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