When it comes to the idea of decentralization and China, both don’t mix and are susceptible to explode if kept near each other. This was not the case all along, as before the mid-May crash, and China is exhibiting a clear problem with the DeFi and crypto in general, the region used to be the mining ensemble for the whole crypto industry.
About 70% of Bitcoin’s hash rate was propagated from China, but then the government issued a wild crackdown against miners, crypto exchanges, and everything associated with the decentralization, even remotely. This became the reason for not only the mid-May crash but also for the exile of many local as well as international miners from China. The Chinese central bank is adamant on the fact that it wants to take this feud with Bitcoin and other cryptocurrencies to a whole other level.
China Has Banned Everything Related To Crypto
There is recently a wild proposition among the regulatory agencies and their leaders that they should gather under the Chinese central bank assuming the command to battle out the cryptocurrencies and very idea of decentralization. It is unclear at the moment such as how organized this whole thing is. The initial statement given out by the People’s Bank of China emphasizes the fact that how bent China is to finally make it happen, to cast out Bitcoin along with every other cryptocurrency and even the NFT space out of the country.
It is not an individual effort that only resonates with the People’s Bank of China but does involve other regulatory parties such as cyberspace administrators and even the ministry of public security. All of these have gathered on a single platform under the umbrella of a coordinated mechanism and are willing to go to any limits to make sure that the investors, local banks, and retail sector don’t engage with crypto transactions. It is even possible that China imposes a penalty or fine for those who do so just to break the confidence of the people in crypto so the whole thing can be put past and laughed about as a nightmare when someone remembers it while awake.