China’s Crypto Crackdown Intensifies With New Mining Ban And Censorship—But Bitcoin Is Rallying

SectorFinancial Markets
CountryMiddle east

Share to Linkedin China’s cryptocurrency crackdown, which crashed markets last month, intensified Wednesday with another province ordering all crypto-mining operations to shut down just hours after popular Internet companies started censoring searches for three of the nation’s largest crypto exchanges, but bitcoin prices are skyrocketing after El Salvador’s historic adoption measure—in hopes that other countries will follow suit. Overlooking the Chinese regulatory concerns, bitcoin prices are surging 15% Wednesday amid historic … [+] adoption in El Salvador. On Wednesday, China’s Qinghai became at least the third province in the nation taking steps to curb cryptocurrency mining operations due to environmental concerns, barring local officials from setting up or permitting crypto-mining projects and ordering them to update the provincial government on implementation measures by June 20.

In its announcement, the province said it would conduct follow-up inspections on randomly selected supercomputing centers to ensure compliance and punish anyone violating the ban. The decision came after early morning reports that Baidu, more...