Chinese Crypto Miners Face Unstable Regulatory Environment
Tightening regulations have unnerved some crypto miners in China.
“Central banks are considering a variety of [multi-CBDC] arrangements,” BIS researchers wrote.
Big Chinese miners are likely to survive the crackdown.
Crypto adoption has increased 23-fold globally over the past year with India, Pakistan and Ukraine driving the surge.
The crackdown notice from the State Council has sent shockwaves across the crypto industry in China.
China’s reiterated crypto ban sharpens the focus on the financial sector.