China Crackdown on Crypto Might Have Surprising Reason: Colin Wu

China Crackdown on Crypto Might Have Surprising Reason: Colin Wu

It has nothing to do with anti-money-laundering practices, claims seasoned insider

Chinese crypto journalist Colin Wu attributes the ongoing witch-hunt against cryptocurrencies in China to the environmental pivot of its policy. 

No Bitcoin (BTC) in carbon-neutral world

In his latest Twitter post, Mr. Wu shared the opinion of Chinese media outlet Caixin. According to him, this source is the most recognized for local governmental officials.

Caixin, a media most recognized by regulators of China, said: The Chinese authorities have decided to move towards a carbon-neutral green transformation, and they don’t care about so-called “Bitcoin pricing power”. China no longer welcomes the mining farms.

Caixin speakers opined that the ongoing attack on cryptocurrencies should be attributed to environmental practices of the Chinese authorities. 

The country is on its way to ‘carbon-neutral green transformation’, so, cryptocurrency PoW mining is no longer welcomed here. Bitcoin (BTC) is widely criticized due to the high energy consumption and a notable carbon footprint.

Even controlling ‘Bitcoin pricing power’, a powerful monetary instrument of Bitcoin (BTC) tokenomics, doesn’t look interesting for Beijing in this context.

Isn’t it all about control?

Colin Wu’s followers challenged this approach and claimed that obtaining control over citizens’ assets may be a more powerful catalyst behind the latest regulatory attacks in the PRC.

As covered by U.Today previously, renowned Bitcoin (BTC) bull Michael Novogratz, CEO and founder of Galaxy Digital crypto assets firm, shared similar views. 

Meanwhile, Mr. Wu is sure that should this be true, the government would motivate Bitcoiners (BTC) to pay taxes and electricity bills.

Original Source : u.today

If you wish to support our website and help us improve you can do it by donation. You can donate crypto directly. Just click on the banner below:

Want to receive the latest stock and cryptocurrency news and investing ideas that can help you make money ?! Subscribe to our newsletter. Enter your email below and hit the subscribe button.

If you want professional consultation regarding stock or cryptocurrency investing leave your information below and experts from our trusted partners will reach out to you

Subscribe

* indicates required
Start Investing With Etoro