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The CEO of iMining, a crypto mining firm, Khurram Shroff has recently released a statement revealing that the crypto ban in China is good news for Canada and the rest of the world. According to Khurram, the crypto crackdown in China will help in the diversification of the mining spots of cryptocurrencies and hence contribute to the development of the industry.
iMining CEO Khurram Shroff Says China Crypto Ban Will Help in Diversification
The regulatory crackdown on the cryptocurrencies and the businesses associated with crypto trading and mining of China has estranged major mining companies.
One of those companies is an Investment company named IBC Group which is based in Dubai and is reportedly having plans to end their BTC and ETH mining operations in the country.
Revealing further, the officials of IBC Group have said that they will be distributing their business to different locations in the world such as Kazakhstan, Canada, UAE, and South American countries while relocating its headquarters to Toronto, Canada.
Addressing this crackdown as a temporary situation and hurdle in the journey of cryptocurrency, Khurram Shroff said:
“A shift of crypto mining operations out of China will be a huge opportunity for Canada. The Toronto Stock Exchange recently listed the world’s first Bitcoin ETF, so the nation is already ahead of the curve, in terms of mainstreaming cryptocurrencies.”
Crypto Crackdown in China Will Encourage Decentralization
Mentioning the carbon footprint issue of Bitcoin, China took the decision of imposing a ban on all the activities associated with cryptocurrencies.
In addition to this, the tightening of the cryptocurrency regulations after the ban led to a significant fall in the crypto market and raised concerns over the future of cryptocurrency.
However, it should be noted that the experts from the crypto industry share a common belief that though the crypto crackdown will initially be challenging and inconvenient, the migration of the mining business out of China will help in the decentralization of crypto.