Why China Finally Decided to Ban Bitcoin - Slate
Sep 24, 2021 1 min, 2 secs
After a strong start to the year, bitcoin and its fellow cryptocurrencies hit hard times yet again this week.

The country previously made it illegal for corporations to provide cryptocurrency-related services and to run cryptocurrency exchanges in the country.

Now, even cryptocurrency exchanges outside of the country won’t be allowed to serve people living in China.

The agency escalated its campaign to root out unauthorized mining from the country last week by targeting people who pretend to be data researchers in order to hide these energy-intensive activities.

China has in the past been a popular site for mining due to low electricity costs in areas like Inner Mongolia, but the country is currently experiencing an energy crisis and trying to become carbon neutral by 2050, a goal that cryptocurrency is making harder to meet.

Prices for bitcoin and other cryptocurrencies also fell on Tuesday in the wake of the collapse of the megadeveloper Evergrande, which used to be China’s second-largest building company.

Gensler noted that he doesn’t think there’s a “long-term viability” and later signaled that the SEC is working “overtime” to create new regulations for cryptocurrency markets that are likely to be quite a bit more aggressive than what’s already on the books.

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