PBOC Shutting Down Chinese Miners and Exchanges (Bitcoin – BTC, Ethereum – ETH)

As you know by now Bitcoin, Ethereum, Litecoin and the entire cryptocurrency space is taking a nose dive. Driving this free fall are rumors of China shutting down bitcoin exchanges. In light of these rumors, I reached out to an old colleague and good friend who wishes to remain anonymous. I already know what you’re thinking “anonymous”, screw this guy and I don’t blame you. I don’t expect this article to reach many people as I’m posting under a pen name on an obscure blog but I felt it needed to be shared. Take this for what it’s worth:

It’s been a long week and I’m back from China. I was in meetings with business partners who have vested interest in several large scale cryptocurrency mining farms. Rumors of China shutting down companies who run ICO’s and Chinese exchanges being shutdown is what landed me here. The goal of our meeting was to devise a plan on how to make sure our investments were safe. This meant understanding exactly what Chinese regulators require from miners and making sure they meet those obligations. As it turns out none of that matters because China intends to not only take down exchanges but mining farms as well. BTCChina, OKCoin and Huobi are the three I know of that will be shut down. This isn’t the first time PBOC has taken shots at the crypto world but this time feels different. As of Wednesday the 13th we pulled funding from two farms and are exploring our options with the third.

There it is. China is trying to stranglehold their side of the cryptosphere with regulations. Will it work, that’s up to you to decide.

  • Chinese Person

    Farms with government subsidies will lose government’s stake but will still be allowed to run. Just no electricity discount.

  • Sid Vicious

    Bloody shorters with their fake news! Sounding a bit desperate.