Chinese Provinces Continue Their Shutting Down Operations against Crypto Trading & Mining Platforms 0 21

Hebei, a province of China, has become the latest Chinese province to have initiated crypto trading and mining shut down operations in the region. It has been told that several government agencies have been assigned the job of ensuring that the regional electricity is not consumed for the purposes of crypto mining because such an activity has been declared illegal by the Provincial Government.

Bitcoin was riding an unruly horse until the Chinese Government intervened with brutal force that Bitcoin lost most of its value. What the Chinese Government did was it went after the Bitcoin mining farms present in the region. The action of the Government was replicated by several Chinese provinces which made sure that Bitcoin mining farms were completely erased from within. Many of them were systematically evicted while the others were shut down permanently on one pretext or the other. Resultantly, since the past few months, Bitcoin has been trying to rebound and there have been some positive signs. It is once again gaining momentum and the price is surging on daily basis.

However, for Bitcoin to continue to go up, it is important that it does not get affected by anything. But the odds are not in favor of the lead crypto coin. China is once again making the point that there is no room for Bitcoin mining industry in the country. Now the latest province to initiate unwarranted enforcement against Bitcoin and other crypto mining farms is the Province of Hebei.

Hebei is one of the most overcrowded province of China Bitcoin mining farms were proactively operating. It was reported in the Chinese media that regional authorities of Hebei are actively involved in clamping down mining farms and crypto exchanges. The action has been initiated by a regional cyberspace regulator. The authority taking action was of the view that mining farms are bad for the environment. In addition, crypto investment is brutally risky and could adversely affect the national security, claimed the authority.

Meanwhile, the Central Government has directed Provincial Government in Hebei to take all necessary steps for achieving the target. The authorities therein have been given exclusive powers for wielding their power to shut down mining activities and crypto trading business. The action has been legalized on the basis that the regional electricity has been misused by crypto industry.

The news made its way into the international community because it was spread by a Chinese crypto journalist namely Colin Wu. Wu posted a message on Twitter saying that the Chinese Government is once again going after crypto farms and exchanges. But this time the action has been taken by the Province of Hebei on the pretext that crypto mining is environmentally hazardous. While also suggesting that crypto trading is against the national interest.

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Sentenced ‘Bitcoin Czar’ Named Among Pandora Papers 0 9

Juts couple of days ago ICIJ published its new research about some of the world’s top leaders’ and influential peoples’ stories of financial misconducts.  The reports by ICIJ also argued that “Bitcoin czar” may have been the member of the Carbanak hacking group. The International Consortium of Investigation Journalists (ICIJ) have also discussed the crypto criminal in their new leaks called “Pandora Papers.’

The ICIJ’s Pandora Papers have claimed “Bitcoin czar” a famous criminal who masterminded the largest “cyberheist in history” own the offshore assets. However, the Pandora Papers also said that those offshore assets being managed by a third independent firm.

Pandora Papers have exposed how some of the world’s most influential people have hidden their wealth. Where those papers have exposed world’s top 300 politicians and businessmen. The report has also discussed the operations of hacker group Carbanak. The cybergang according to the reports have stolen around $1.24 billion from financial institutes and the digital crypto exchnages as well. The network operated over more than 100 countries from 2013 to 2017.

However, the most famous arrest of this network’s members came in 2018, when the authorities finally managed to arrest the master mind Denis Tokarenko (also known as Denis Katana), and many people have voiced that Pandora Papers indirectly called his name.

The reports published by the Bloomberg’s business research and network team concluded that at the time of Tokarenko’s arrest back in the month of March 2018, the Spanish National Police recovered 15,000 Bitcoin (BTC), worth $162 million from his possession. This is history’s biggest crypto scam till today.

The illegal approach adopted by the Tokarenko did not just end here. The Chief inspector of the Spanish police, Carlos Yuste also told the sources that Tokarenko also purchased a bitcoin mining system in China. He used his mining system to launder his illegal Bitcoins as well.

Despite the fact that Pandora Papers have not directly covered the crypto thefts and other cyber-attacks, but these papers have partially included the incidents from digital trading as well. This leads to the future possibility the ICICJ might decided to open up about the digital thefts and cybercrimes incidents as well.

But the fact is that Pandora Papers have provide quite the useful insight about the some of world’s most famous cyber-attacks on the recent time. If authorities decided to put investigate these facts, then there might be multiple people who find them behind the bar. The primary issue regarding the cyber-attacks culprits is that majority of them gets away because of the lack of the profs. The only notable person who was sent to prison on committing a cybercrime was former Rizal Commercial Banking Corporation employee Maia Santos Deguito.

Uzbekistani Citizens Warned Against the Use of Unauthorized Exchanges 0 10

The government of Uzbekistan has been quite proactive when it comes to the use of crypto exchanges. As most of you may know, there has been a fair bit of commotion in the crypto world and most of it exists because of the regulations being implemented by a large number of governments. While some people are not in the favor of these regulations, many people, including a large number of crypto experts believe that they will be quite handy.

This is because regulating crypto will ensure that people don’t have to worry about false transactions, scams, frauds, and a large number of other issues prevalent in the world of crypto. The government of Uzbekistan has been especially quite determined to eliminate crypto-related corruption in the country. One of the first steps that the country has taken is to make sure that people in the country steer clear from making transactions with unauthorized exchanges.

For those who don’t know, there are loads and loads of exchanges operating in Uzbekistan and other countries in the world. Sure, not all of them are unauthorized but you will be surprised to learn that a large number of them happen to not be authorized.  What makes things so complicated is the fact that knowing which exchange is legit and which one isn’t can be quite challenging. This is because most exchanges, if not all, look one in the same and it is difficult for people to tell them apart.

This is one of the main reasons why the government of Uzbekistan has stepped in and tried to take matters into its own hands. One of the main aims of this exchange is to make sure that people do not have to worry about checking which exchange they would choose to invest crypto in. Instead, the government has been helping people quite a bit by creating teams just for the purpose of checking these exchanges.

In addition to that, the Uzbekistani government has also issued a notice against unauthorized crypto exchanges, stating that using them could result in serious action. Upon checking some of the exchanges operating in Uzbekistan, it was learned that there were more than 5 of them that did not have their own offices in the country. Instead, research teams found out, after a thorough investigation that these unauthorized exchanges were operating from somewhere else.

This was enough to suggest that the government is indeed hard at work to steer clear from crypto corruption in the country. Because of this, governments of other countries have also become quite proactive in order to eliminate any sort of corruption to keep investors safe.

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