China Back on Attack Mode, Internet Blocking Exchanges & Bitcoin Miners Ordered to Shut Down

China Back on Attack Mode, Internet Blocking Exchanges & Bitcoin Miners Ordered to Shut Down

This time, Bitcoin price is not responding to the reports of a crackdown from China which extends beyond the crypto sector, ahead of the 100th anniversary of the ruling Communist Party on July 1, trading around $36,500.

China has taken some strict measures against cryptocurrency exchanges and bitcoin mining yet again ahead of the politically sensitive 100th anniversary of the ruling Communist Party on July 1.

However, these measures aren’t restricted to the crypto sector alone but extends to banks, education, and the internet.

Major internet services in China, Baidu, Zhihu, and Sogo, are blocking the keywords associated with the top three crypto exchanges Binance, Huobi, and OKEx.

“According to the relevant laws, regulations, and policies, the search results have not been displayed,” reads the message on social media. Over the weekend, Weibo also blocked a large number of crypto Key Opinion Leaders (KOLs) in China.

Reportedly, the Payment and Clearing Association, a subsidiary of the Central Bank of China, has also stated that 13% of gambling websites support crypto and use the anonymity of blockchain technology to conceal fund transfers.

Additionally, the Reform and Development Commission in the Changji Hui Autonomous Prefecture in Xinjiang issued a notice on Wednesday ordering its subordinate government officials in the Zhundong Economic Technological Development Park to shut down all crypto mining activities.

Xinjiang province is one of the major economic and technological development zones in China, which is home to coal-based power plants and industrial factories, including some of the largest Bitcoin mining facilities due to fossil fuel energy.

This move was taken by the authorities based on the high-level bitcoin trading and mining crackdown brought up during the China State Council meeting last month.

This has resulted in the hash rate of the top mining pools plummeting by 20% to 25%, as per BTC.com. So far, Bitcoin’s hash rate per day is at 166.1 Th/s, up from last month’s 118.7 Th/s caused by China’s crackdown but still down from 171.4 Th/s ATH on May 13, according to Bitinfocharts.

According to the Chinese publication Wu Blockchain, there are three mining regions in China: Inner Mongolia, which relies heavily on coal-based mining and has already stopped mining cryptocurrency completely, Sichuan depends on hydropower which may not stop, and Xinjiang, where the situation is complicated but the term used in the document is “to suspend for rectification,” and not as strict as Inner Mongolia. It added,

“In addition to the uncertainties of government supervision, China is experiencing a new power shortage. The core reason is that China’s main power generation area and main power consumption area are separated in the west and east, which also has an impact on current Bitcoin mining.”

Bitcoin and other cryptocurrencies continue to face price pressure due to rising regulatory concerns from China. This time, however, BTC price is not affected, going to $36,700 despite the reports, after the drop to $31,000 on Tuesday.

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Author: AnTy

Leading French Bank, BNP Paribas, is Blocking Transfers to Coinbase Crypto Exchange

International French banking giant, BNP Paribas, is allegedly blocking funds transferred to Coinbase crypto exchange. According to one of the bank’s clients, this action began just recently given they could use BNP Paribas as an intermediary at the beginning of March.

Speaking to news site Cointelegraph, the client preferred to stay anonymous but shed light on this development in detail. Most notably, was a response they got from the BNP Paribas customer service in regards to Coinbase’s transfer issue. The bank, through one of its representatives, said that it was considered an illegal operation. It further cited privacy coin, Monero, crypto scams, and malware as the reasons for cutting financial interactions with Coinbase.

Reports, however, indicate that Coinbase is the only crypto exchange suffering the BNP Paribas wrath. The anonymous client also highlighted that they did not receive any prior warnings from the bank relating to the matter.

The move by BNP is not an unprecedented one within the volatile crypto market. Popular banks like JP Morgan and Citi have in the past implemented limits to crypto operations; the most significant one yet is the credit card ban for digital asset purchases back in 2018.

Bulgarian banks also took similar measures during the 2017 bull run which saw Bitcoin hit the highs of $20,000. They basically terminated some accounts that were run by crypto exchanges.

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Author: Edwin Munyui