During the course of the week, the cryptocurrency community has been focused on China and the country’s Financial Stability Board detailing that it aims to crack down on the bitcoin mining sector. Following the statements from Chinese officials and a few crypto businesses abandoning services in the region, executives from some of China’s largest bitcoin mining companies have openly discussed the situation.
Btc.top’s CEO: ‘If China Takes Regulatory Actions Against Crypto Mining, Then Major Chinese Manufacturers Will Sell Abroad
The million-dollar question right now is whether or not the Chinese government will continue to crack down on the crypto industry. It all started when Reuters published a report on May 18, that said: “China bans financial, payment institutions from cryptocurrency business.” Essentially the news publication said that “three financial industry associations” from China told financial institutions and payment processors “not to offer any crypto-related services.”
Services include “account openings, registration, trading, clearing, settlement, and insurance, reiterating the 2017 ban,” Reuters further noted in a follow-up explainer the next day. Then five days ago, regional reports detailed China’s 51st meeting of the Central Financial and Economic Affairs Commission, and the organization’s director, Liu He, discussed the bitcoin mining sector. Again, the Economic Affairs Commission and Financial Stability Board said it would crackdown on illegal bitcoin mining and monitor the sector.
Following the economic affairs meeting and statements from Liu He, Btc.top’s CEO Jiang Zhuoer spoke about the situation. “According to the minutes of ‘China Financial Stability Board:’ We resolutely prevent and control financial risk…. we shall crack down Bitcoin mining and crypto trading activities in order to prevent individual risks from being spread to the social level,” Zhuoer