BTCcom - pulling out of China

BIT mining pool subsidiary BTC.com is pulling out of China, will not register any new users and as of October 15th is closing accounts.

Leading cryptocurrency providers in China are closing down and moving on. BIT Mining Limited, among them, is exiting China markets.

This can only mean more progress for crypto.

So it is not only small businesses or individuals affected by China policy against cryptocurrencies ( and digital assets?), but also a huge mining pool.

If you are not informed of the issue, during this summer in July, the Chinese government and Chinese central bank pronounced cryptocurrency to be illegal, both trading and mining.

Reasons to do so were blatantly naïve to anyone to believe them: high energy usage of mining, laundering money and fraudulent activities... all these things, every single one of them, can be achieved with many other methods and ways... FIAT money being the first in a line.

There is another motive for China to step on all other digital assets, coins and tokens... Digital Yuan, which by the word of Chinese government has the highest level of privacy protection. Yeah, sure, and that comes from the government that more than most obstructs any privacy of their own or foreign people... let's mention the 'social credits'.

Not only China, but Australia, India, Japan, France, and a few other countries will issue their own digital currencies - which by the way everyone doubts will be private, safe or essentially, user controlled.

Image source: https://pixabay.com/illustrations/bitcoin-cryptocurrency-crypto-3089728/