Chinese Government Cracks Down on Crypto Users
China’s state media is once again alerting its citizens to the dangers and illegality of cryptocurrency trading, as well as enforcing a total ban on mining. This move coincides with a surge in Bitcoin’s popularity following the approval of spot ETFs and the anticipation of the upcoming halving event, which will reduce the reward for mining a block by half.
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China's state media is once again alerting its citizens to the dangers and illegality of cryptocurrency trading, as well as enforcing a total ban on mining. This move coincides with a surge in Bitcoin's popularity following the approval of spot ETFs and the anticipation of the upcoming halving event, which will reduce the reward for mining a block by half.
For example, Bitcoin's popularity on WeChat, China's most popular messaging app, has quadrupled in just a few weeks, making it one of the top search queries. This increased interest is also tied to the economic downturn within China and citizens' pursuit of higher-yielding investments.
Despite the outright ban, some Chinese individuals are circumventing the law by trading and cashing out cryptocurrencies in private. These transactions are coordinated online and conducted in secluded areas, where government surveillance is less intensive.
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