China has never in history tried and expressed its absolute support to digital currencies. Instead, it has strongly protested against them because of the absence of any regulation and framework. China has shut Chenggu County’s National Blockchain Application Operation Vocational Qualification Traning Centre, an illegal training center operating as a cryptocurrency training center.
Investigation institutes that are engaged in the process of shutting down of training centre
The training center was shut down as the investigation was completed by the investigation authorities, i.e., the Economic Investigation Brigade of Chenggu County Public Security Bureau of Hanzhong City, the Industrial & Commercial Bureau, and Shangyuanguan Police Station. These investigation authorities have planned to investigate the organization that is claimed to be fraudulent. These investigating authorities released in the reports that they have come across more than ten suspects involved in the pyramids’ schemes. The schemes are considered illegal and, therefore, authorities released the orders to shut down the illegal operation of the training centres.
Chinese regulation shows a firm stand against cryptocurrency.
Chinese tech giants who have always backed mining of pools, for example, Binance, AntPool, and Huobi Pool, have already seen approximately a 40% hike. It has been witnessed in the value of their hash rates in less than 24 hours as per the reports released by the media. Almost all the regions of China have ended up shutting the institutes which promote the mining of Bitcoin. Therefore, it can be concluded that one-third of the processing power of crypto mining will be suspended in the coming period.
