What We Know About China’s Cryptocurrency Crackdown - The Verge

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The Chinese government says it is acting now because of issues around crypto’s volatile price tag, and its prospective use for income laundering and illegal dealings, according to Reuters. The Chinese government has been tightening the screws on Bitcoin for years - it banned banks from handling Bitcoin in 2013, and banned initial coin offerings in 2017. But inexpensive electrical energy from hydro and coal, along with some legal grey locations, have reportedly allowed mining to explode in the nation. Now, it seems like some miners have had enough. El Salvador has gone the opposite direction, becoming the very first nation to make Bitcoin a legal tender. There’s also speculation that the Chinese government may possibly be concerned about optics: crypto mining’s reputation as an environmental disaster does not square with the China’s need to be observed as a leader in green energy, with its leader pledging that the nation will be carbon-neutral by 2060. It’s worth noting that China is also creating its personal centralized digital currency. China isn’t the only nation that’s been generating policy moves about cryptocurrencies - Iran issued a temporary ban on mining in the course of the summer time months, and India is potentially making ownership of crypto illegal.

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These two degrees are computed for each the price causing sentiment and the sentiment causing price networks. Summary of the outcomes for the important currencies is reported in the final three columns of Table 1. One can indeed see that BTC constructive sentiment is causing costs in 15 other currencies whereas only eight other currencies sentiment are causing BTC price. Note also that ETH good sentiment is the most impacted by other currencies prices and LTC price tag is triggered by the biggest quantity of other currencies optimistic sentiment. Finally, BCH causality is driven by sentiment a lot much more than by costs. I analyzed irrespective of whether the relative position of a currency in the price network has an effect on the relation among this currency and sentiment. One observes that the 5 significant currencies are spread in a central region of the ranking with respect to the other currencies, with Bitcoin sentiment becoming among the most impactful on other currency prices but with Bitcoin price becoming the least impacted by other currency sentiment.

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