China’s new impositions and regulations have now gone into action for the past week. Numerous speculations and mixed comments are throughout the Chinese crypto community. The Chinese government’s acts have impacted Bitcoin(BTC) severely in China.
Social Media Restrictions
Bitcoin(BTC) now changes its focus entirely to the West, Miami to Latin America. In Spite of the imposition of various regulations, it completely brought the views and interests upon Bitcoin(BTC) in the nation. The search for the keyword ‘Bitcoin’ on China’s largest social media app WeChat has gone down to 1 million to 3 million views per day from 10 million in May.
Most of the popular and prominent search engines of China like Baidu have restricted the search of crypto exchanges like Binance, Huobi, and OKEx since last week. It’s well known that the Chinese government controls most of the social media platforms. It allows the spread of information only which alone favors the Government regulations. It has suspended and restricted the search of keywords like ‘’Binance App Download’’, etc. Most of the multinational exchanges’ physical presence is on the verge of deteriorating.
China’s most liked micro-blogging platform Weibo is also under the Chinese government’s influence. The recent record shows Weibo suspending many accounts which are into either direct or indirect influence and support of cryptocurrency. Weibo has sent a personal message to all those suspended accounts stating they have violated the laws and guidelines.
The Strike on Mining
The government of Xinjiang has issued a notice to suspend virtual currency mining firms from June 9th. According to the notice, all firms which are into virtual cryptocurrency mining must hold its production after 2 pm. This means all could mine only till 2 pm. Any sort of mining after 2 pm is strictly prohibited. However, when enquired Xinjiang government states upon slashing own the power consumption and regulating the green environment. Accordingly, the carbon emissions and footprints are to be reduced globally. In Spite of this, the crypto mining giant of China, Antpool‘s total output has slashed down by 30%.
Most of the Chinese-based crypto mining firms are now looking for opportunities to shift their mining firms physically to countries with less and more lenient regulations and laws like Kazakhstan, etc.