Report: Chinese Officials Are Examining Bitcoin Energy Use
Beijing is reportedly examining the energy of “cryptocurrency miners” within the region, which may come to impact bitcoin mining operations.Officials in China’s capital of Beijing are conducting examinations of data centers involved in “cryptocurrency mining” to “better understand their impact on energy consumption,” according to a Reuters report. Although the report refers to cryptocurrency at large, it is well known that China-based companies contribute the majority of bitcoin mining hash rate, controlling over 70% of the network’s total hash rate and consuming a significant amount of....
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Ever since government officials in China started talking about cracking down on bitcoin mining and reiterating crypto guidelines from 2017, digital currency proponents and the media have been focused on this region. Just recently, a Chinese state-backed online publication revealed that the Sichuan Energy Regulatory Office plans to hold a meeting on June 2, 2021, to discuss the implications of bitcoin mining. Sichuan Energy Regulatory Office to Meet on June 2 to Discuss Crypto Mining In recent times, the Chinese government has been discussing the crypto economy to a greater degree and much....
Considering how the PBOC has not cracked down on Bitcoin yet, this news could be positive news for cryptocurrency. For several years now, there have been doubts regarding the accuracy of Chinese economic data. Experts have stated how the county government tends to inflate numbers, making things look far better than they are. A new report supports these claims, as local officials have apparently been cooking the books for several years. China’s economy is in a far worse state than most people anticipated. Governor Chen Qiufa of Liaoning admitted false statistics have been provided to the....
Though details are currently scarce, Chinese regulators are reportedly looking into the use of bitcoin to avoid capital controls. According to Tencent Finance, the State Administration of Foreign Exchange (SAFE) is exploring how bitcoin can be used to circumvent capital flight. The news website cited unnamed sources close to regulators, and Tencent’s report was later cited by Bloomberg. The report emerges in the wake of statements from China's central bank, which said today that it had met with domestic bitcoin exchanges this week, warning them about adhering to state regulations. It also....
U.S. officials are reportedly investigating crypto exchange Binance yet again. On Friday, Bloomberg reported that they are examining possible insider trading and market manipulation at Binance. This development potentially adds more heat to the cryptocurrency exchange already facing regulatory scrutiny in many countries. CFTC’s Insider Trading Investigations U.S. officials have been looking into whether Binance or […]
Via its official Twitter handle, the VeChain Foundation confirmed a meeting with government officials from three important Chinese districts. Representatives from Shanghai, Changing, and Huangpu visited the organization’s office in Singapore. Per the report by the VeChain Foundation, the representatives from the enterprise blockchain platform and the governments talked about “potential transformative collaborations”. The organization […]