China’s ban on cryptocurrencies is now many months old, but the country continues to deal with the aftereffects of the ban. While the government has already launched multiple campaigns to squash mining operations in the country, there has not been any verdict on existing mining contracts. In recent news, a contractor moved to court in Beijing’s Chaoyang District over a delayed return dispute. The plaintiff was the legal recipient of 278.1654976 Bitcoins, amounting to approximately $18 million. The court, however, took the side of the defendant and declared all existing mining contracts null and void. It is remarkable since this is the first time that a Chinese court has legally nullified all existing cryptocurrency contracts, including mining contracts.
China has been the strongest global force against cryptocurrency innovations. While Bitcoin has recovered from the damages dealt by the ban, China still continues to influence the global economy in different ways. For instance, this judgment will greatly discourage overseas investors from investing in any crypto-related assets in mainland China or Taiwan.
In other news, China is also launching a campaign to spread its anti-crypto propaganda. The campaign would focus on educating Chinese people on the dangers of investing in cryptocurrencies or other digital assets. Through this campaign, the Chinese regime aims to dissuade people from getting interested in cryptocurrencies, especially after media outlets report a growing awareness of Web 3 in China. How things play out in China will also have an effect on the rest of the world.