From time to time, the Bitcoin and altcoin firms laying low in China have thought that things may turn out to be in their favor someday. However, for now, it seems that they will have to stay low and stay there for a long time.
The reason behind this prediction is that the Chinese regulators are not planning to go easy on cryptocurrencies any time soon. Ever since the beginning of May 2021, the Chinese regulators have carried on with their onslaught of the cryptocurrency industry in the country.
The regulators have ensured that the cryptocurrency and Bitcoin firms are completely pushed out of the country. However, the regulators have not limited their onslaught to just the cryptocurrency firms. Instead, they are also going after any mainstream firms or enterprises that are even thinking of interacting with cryptocurrencies.
Now, the Chinese regulators are expanding their pressure over to state-owned businesses as well. Just recently, the regulatory authorities have started exerting pressure on the businesses that are owned by the state to cease crypto-interactions.
The regulators have issued orders where they have instructed such businesses not to interact with cryptocurrency-related services at all. Among all the interactions, the major interaction is pertaining to cryptocurrency mining.
The regulatory authorities in China have announced that if any enterprise is found carrying out cryptocurrency-related activities, they will be met with strict regulatory actions. The regulators have warned the enterprises that they will be liable for huge fines if they are found not adhering to instructions.
Just recently, it was the National Development and Reform Commission’s (NDRC) spokesperson, Meng Wei, who talked about the cryptocurrency mining sector in the country. Wei stated in a press conference that the utmost priority for NDRC at the moment is to regulate cryptocurrency and Bitcoin mining in the country. However, for now, they are aiming to get rid of any kind of involvement of the enterprises with cryptocurrencies.
For now, their main goal is to fully cease the mining activities in the country and for that purpose, it is going to impose fines and penalties on entities breaching the instructions.
The NDRC has announced that they will be increasing the amount of force and pressure they had been exerting on the ceasing of cryptocurrencies. This means that the investors or the cryptocurrency firms in the country will have to wait for a long time before the regulators grow flexible towards cryptocurrencies.
With the latest announcement, the Chinese regulators have made it crystal clear to the entire mining community in the country that they won’t go easy on them.
The recent announcement made by the Chinese regulators may be the last nail in the coffin for the crypto-sector in the country.