SHANGHAI/HONG KONG: China’s state planner wants to eliminate bitcoin mining in the country, according to a draft list of industrial activities the agency is seeking to stop in a sign of growing government pressure on the cryptocurrency sector. China is the world’s largest market for computer hardware designed to mine bitcoin and other cryptocurrencies, even though such activities previously fell under a regulatory grey area.
Bitcoin pulled back from 18-month highs on Monday after jumping more than 10% over the weekend, with analysts ascribing the spike to growing optimism over the adoption of cryptocurrencies after Facebook
That follows what was already the worst start of the year for bitcoin in history. After hitting a record high of almost $68,000 in November, it is now worth under $36,000.
The UAE has taken a leadership role in the Middle East region with the government sector leading the charge in technology adoption.
China’s most powerful regulators on Friday intensified the country’s crackdown on cryptocurrency with a blanket ban on all crypto transactions and mining,
The announcement marks an important step in the acceptance of cryptocurrencies use in commerce.
Tesla customers can now buy its electric vehicles with, its chief, Elon Musk, said on Thursday, marking a significant step forward for the cryptocurrency’s use in commerce.
Over the past year, the machines have sprung up across the United States due to the frenzy surrounding crypto trading that sent bitcoin prices over $58,000.
Bitcoin recently exceeded the $23,000 mark – an all-time high – which has set the global investment community buzzing. Ethereum, the world’s second largest cryptocurrency by market capitalization,