According to U.today, the new Chinese ban on cryptocurrencies is forcing more than 20 companies operating in the cryptocurrency-related areas (trading, mining, etc.) to leave mainland China. Among them is the largest exchange in the region, Huobi. In addition, China’s Autonomous Region, Inner Mongolia, recently closed 45 cryptocurrency mining projects.
A new cryptocurrency ban in China was officially announced in September, and preliminary, smaller bans – mainly against cryptocurrency miners – were introduced earlier this year, starting in May, when Elon Musk tweeted that Tesla stopped accepting bitcoin due to its carbon footprint, and stated that BTC miners should switch to renewable energy sources.
The Chinese authorities then followed suit, but on a much larger scale, starting to crack down on cryptocurrency mining companies in their local energy hubs.
Now, according to the China Securities Journal, as of October 7, more than 20 cryptocurrency companies have announced their firm intention to withdraw completely from the Chinese market as all cryptocurrency transactions have been declared illegal.
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