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- Top crypto exchanges and companies are fleeing China in order to set up business in Europe and North America
- BTC.TOP and Huobi Mall to suspend mining activities immediately and put an end to selling crypto machinery in the country
- China might seem less of a threat with its ban on digital currency detrimental to its status as a superpower
Chinese regulations have hit the crypto mining industry reeling under severe pain. China accounts for 70% of the world’s crypto mining activities, and with the government regulations in place, companies are pushing ashore in search of new avenues.
North America and Europe are the top contenders to provide a safe home to numerous exchanges and companies dealing in cryptocurrency. Bitcoin slid more than 40% last week and entered a bearish market of sorts as it is yet to breach the $40k mark.
Most companies are obeying government orders
BTC.TOP will conduct mining activities in North America and assure that all crypto rigs will be sold overseas. In a big move to shift, investors’ money will be returned, whether old or new. Huobi Mall is also poised to follow suit and exit the Chinese territory as soon as possible. They requested investors not to lose their calm as the business will quickly settle in a different country.
Furthermore, Huobi has suspended a plethora of crypto products and services in a bid to abide by China’s crackdown. Derivatives products like futures contracts and leveraged investing vehicles are temporarily suspended. Moreover, the company plans to stop selling cryptocurrency machines within the boundaries of the country.
China less of a superpower in the absence of crypto space
The third-largest country in the world is not part of the future building process that several countries have taken up. Abstaining from cryptocurrency might be detrimental to the superpower force that China commands from the other governments. It might be a question mark over the bright future that it currently has. And does not fare well with its ideologies and theories.
In 2017, the country had placed a blanket ban on trading and investing in cryptocurrency, while the recent ban abolished mining activities of any kind.
China wants to distance itself from the world of decentralized finance in all totality. But is eager to create its own digital currency. The country’s CBDC program is closely watched by other superpowers such as Russia and the USA. There is still time before the dust settles, which might give China time to rethink its ban.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
