Latest On China’s Bitcoin Mining Ban…
The latest on China and their Bitcoin mining ban….
State Council of China Reiterates Ban on Bitcoin Mining and Trading: BTC Price Drops Below $37K
- The latest stark warning comes from the State Council of China.
- According to a report issued today, the Financial Stability and Development Committee of the State Council of China held a meeting, pointing out that “the financial system resolutely implemented the decisions and deployments of the Party Central Committee and the State Council, increased support for the real economy, credit policies accurately adapted to the needs of market entities and so forth.”
- The report, however, also mentions that the meeting had a purpose work in aims to “prevent and control financial risks.”
- There, the document reiterates the crackdown on “Bitcoin mining and trading behavior.”
- According to Chinese media Wu Blockchain, “this is the first time that the highest level of the Chinese Government has clearly proposed a blow to the mining industry.”
- The news had a direct impact on bitcoin’s price, which tumbled to an intraday low of $36,600, losing almost $5,000 in a single hourly candle.
Here’s Nic “Laser Eyes On The Prize” Carter’s take on it…..