China Bitcoin Mining Ban News is Fake?


Yesterday, Bitcoin community was faced with the news about PBoC Bitcoin Mining limitations. However, today, one of the local sources paints a different picture. Is China Bitcoin Mining Ban News fake?

5 January, AtoZForex Yesterday, online reports stated that the central bank of China is looking into ways to regulate Bitcoin mining power use. It was reported that the People’s Bank of China (PBoC) has decided to pass on the instructions to the local officials in the country on the Bitcoin mining.

China Bitcoin Mining Ban News is Fake?

According to the online reports, the PBoC has held a meeting at the end of 2017. During the event, the central bank has informed the members of the Leading Group of Beijing Internet Financial Risks Remediation about its intention to regulate Bitcoin mining.

Yet, today, the news came from another local media source, stating central bank stating that it did not hold any meetings to discuss a policy in regards to the Bitcoin mining operation across China. The report also stated that the key regulators in China have planned to withdraw preferential benefits such as tax deductions and cheap electricity available to Bitcoin mining companies.

This implies that the government has a neutral stance in regards to Bitcoin mining activities in the country. The planned changes come as the latest move from Chinese watchdogs in the cryptocurrency market.

Previously, the regulators in China have issued a ban on initial coin offerings. They also have tightened the limitations on cryptocurrency exchanges.

Fake WeChat Picture

As per the local report, the rumors have appears that Bitcoin mining ban will take place in China following the photo on the WeChat platform. The picture allegedly featured Guo Hungcai, a famous investor in China, stating there will be a ban. Later on, he has confirmed that the picture was fake.

Despite Guo’s remarks, one of the media sources in China has published a report stating that the PBoC was in the course of discussing a ban on Bitcoin mining. Moreover, the same source claimed that the central bank would soon require governmental bodies to report the information about Bitcoin mining facilities.

The news came as a big shock for those, who know that almost 70 percent of the global hash power in Bitcoin is stored in China.

Following the news, Bixin and ViaBTC, according to the reports, did not receive any such information.

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