49 min
China Steps Up Enforcement of Crypto Ban | SkyBridge Bitcoin Review #5 SkyBridge Bitcoin Review
-
- Technology
SkyBridge managing partner Anthony Scaramucci and president Brett Messing discuss why China’s recent crypto ban is different than their last attempt in 2017 and what it means for Bitcoin’s hash rate.
On Monday, The People's Bank of China (PBoC) issued a statement saying it summoned a meeting of leading domestic banks and mobile payment providers, asking them to more closely monitor whether their services are being using for illegal peer-to-peer crypto transactions. The PBoC said the growth of crypto unbalanced the Chinese financial system, boosting illegal capital flight and money laundering. Since the shutdown orders in late May, Bitcoin hash rate has fallen by around 30%, while Bitcoin's price is down around 20%. Mining companies operating in China have already began relocating operations, including to the United States.
In 2017, China "banned" crypto, decreeing that no financial institution should provide banking or settlement services for crypto trading or transactions, but crypto trading continued to take place on over-the-counter (OTC) exchanges and Bitcoin mining proliferated to the point that nearly 70% of global hash rate emanated from China.
——————————————————————
Registration for SALT New York is now open! Join us September 13-15, 2021 and sign up at https://register.salt.org/event/411f76d9-c215-4719-9bc4-8dfac6cfacdd/summary
Watch this video on YouTube: https://youtu.be/-47Kt6jG8xg
Moderated by Anthony Scaramucci, John Darsie and Brett Messing.
SkyBridge managing partner Anthony Scaramucci and president Brett Messing discuss why China’s recent crypto ban is different than their last attempt in 2017 and what it means for Bitcoin’s hash rate.
On Monday, The People's Bank of China (PBoC) issued a statement saying it summoned a meeting of leading domestic banks and mobile payment providers, asking them to more closely monitor whether their services are being using for illegal peer-to-peer crypto transactions. The PBoC said the growth of crypto unbalanced the Chinese financial system, boosting illegal capital flight and money laundering. Since the shutdown orders in late May, Bitcoin hash rate has fallen by around 30%, while Bitcoin's price is down around 20%. Mining companies operating in China have already began relocating operations, including to the United States.
In 2017, China "banned" crypto, decreeing that no financial institution should provide banking or settlement services for crypto trading or transactions, but crypto trading continued to take place on over-the-counter (OTC) exchanges and Bitcoin mining proliferated to the point that nearly 70% of global hash rate emanated from China.
——————————————————————
Registration for SALT New York is now open! Join us September 13-15, 2021 and sign up at https://register.salt.org/event/411f76d9-c215-4719-9bc4-8dfac6cfacdd/summary
Watch this video on YouTube: https://youtu.be/-47Kt6jG8xg
Moderated by Anthony Scaramucci, John Darsie and Brett Messing.
49 min