The Chinese media group Caixin Global published an editorial this week with the title, “It’s Time to Declare War on Cryptocurrency.” The editorial talks about how no other country than China has been more determined to “put an end to speculative trading of digital currencies” as the People’s Bank of China (PBOC) instructed several financial institutions and payment services to stop providing crypto-related services. The latest development in China cracking down on crypto mining and derivatives trading has more than 10,000 mining machines stopped in Yunnan. The Bitcoin hash rate has already fallen quite drastically, sending the block time to 2010 levels representing the shutdown of Chinese miners. And these miners have already either moved or are in the process of moving overseas. 40% of the miners actually want to move outside China while 45% of the miners choose to continue mining and wait in China, and 14% of the miners have chosen to sell machines, as per Chinese publication Wu Blockchain’s survey of 409 crypto miners. Amidst this crackdown, on Tuesday, Beijing Subway has launched a test of DCEP / e-CNY payment where users can scan their payment QR code for entry and exit. Those who have activated ICBC's digital RMB service can participate in the swipe and ride test via the Yilutongxing app, Beijing municipal travel app, within the 24 operating lines of Beijing Subway and 4 suburban railways. This experiment will further extend to Beijing Subway and be used in multiple scenarios, including ticket sales and at gates.
“More Rigid Policies Are Yet To Come,” Says Chinese Media While Beijing Subway Runs e-CNY Test
bitcoinexchangeguide.com
30 June 2021 10:38, UTC