China’s crackdown on cryptocurrency intensifies with a blanket ban on all digital currency transactions and mining.
The People’s Bank Of China (PBoC) recently issued a statement announcing all crypto-related activities illegal. For the first time, 10 of the most powerful regulators including the central bank, securities and foreign exchange, and other Beijing-based agencies vowed to stop all digital currency-related activities. The move comes amid a global crackdown as governments see that privately operated digital currencies could increase risks and threaten financial systems. This is the latest and the toughest of all the series of crackdowns the country has imposed since 2013.
Meanwhile, China’s crackdown “is a big opportunity for the U.S.,” according to Senator Pat Toomey. The senator tweeted that it is a “reminder of the country’s huge structural advantage over China.”
China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.
— Pat Toomey (US Sen. ret.) (@SenToomey) September 24, 2021
In August, Toomey requested proposals from the public aiming to clarify laws around digital currencies and blockchain technology. He emphasized that the Congress needs to ensure the United States remains at the forefront of digital currency and fintech innovation.
Amid China’s move to ban cryptocurrencies, the second biggest Ethereum mining pool in the world shuts down. SparkPool announced earlier this week that it is suspending user access in mainland China to protect its user’s assets. These include suspending existing users in the country and abroad starting September 30.
In other news, there was a development in the high-profile case of former Ethereum Foundation senior researcher and developer Virgil Griffith. The U.S. Department of Justice announced Griffith has pleaded guilty to charges of advising North Korea on using cryptocurrency and blockchain technology to evade sanctions. Griffith will be sentenced in January 2022 and could serve up to two decades in prison.
Next week, all roads lead to the Big Apple! CoinGeek New York will kick off on October 5 and will run until October 7 at the Sheraton Times Square.
Blockchain pioneers Scott Stornetta and Stuart Haber will join the highly anticipated CoinGeek Conference. Recognized as the creators of blockchain technology—and even cited in the footnotes of the original Bitcoin whitepaper—Stornetta and Haber are a powerful addition to CoinGeek’s ‘Future of Technology’ panel. They will be joined by financial cryptographer Ian Grigg and nChain’s Chief Scientist Dr. Craig Wright on the Day 1 of the conference.
Visit the CoinGeek Conference site to check out what’s in store for you at CoinGeek New York.
And before you go, check out the latest episode of More Than Money with Patrick Thompson and SLictionary’s John Pitts. Watch the full episode on CoinGeek YouTube channel.
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