Rumors have it about the Chinese government seeks to ‘ban’ crypto mining activities, sources say it doesn’t mean much.
On Friday morning, the screen capture seen beneath a Chinese government declaration started to spread on the web. Asian-driven blockchain and fintech news outlet PANews wrote concerning the picture:
“The Financial Administrative of the Sichuan province of China has issued a notice to its subordinate offices ordering them to ‘guide [Bitcoin and crypto] mining entities to end their mining activities in an orderly manner’.”
Some promptly accepting this as a sign that China, or if nothing else this territory, has started a deliberate interruption of the neighborhood crypto mining industry. However insiders state that these apprehensions are exaggerated, in spite of the attestation by the local Sichuan territory government.
Matthew Graham (chief executive of Sino Global Capital), China based fund involves itself with blockchain investment:
“China is not banning mining, it’s complicated as usual, messages frequently conflict especially at a local or regional level. Actual message is basically ‘don’t use local government support for mining to illegally raise money’. Thank you,” Graham wrote, trying to dissuade the fears of a Chinese crackdown on BTC.