Asian countries are in turn hitting crypto money mining and investing. The South Korean government-initiated embargo legislation attempt seems to continue with the ban on mining operations in China.
As the crypto-currency, which has become one of the most popular innovations of the digital world, gains market value day by day, the huge Asian countries to the right of the world map have waged war against this economic revolution. There is corruption and money laundering behind the attempts by governments to prohibit or stop such activities.
But whatever it is, from the perspective of safety, the block chain technology is not harmed. More investors and miners, who are the backbone of this business, are beginning to lose money in large quantities.
Chinese authorities have ordered that the global Bitcoin supply and the activities within the country that make up a significant part of the market should be banned. With this step, China has expanded its internal embargo practices, resulting in the crippled currency exchanges downgrading.
The Chinese government is reviewing the interna- tional financial formations in the country, taking risks into account. According to sources, the stock market used for mining and investment will be strictly forbidden. The Central Bank of China, which avoids all the rumors and answers despite the pressures, is the most important actor behind the decisions.
In China, where electricity is cheap and weather conditions do not reach high temperatures, mining activities are spreading too much. In these regions where the population is very rare, people started to base their revenue sources on cryptography.
Therefore, it is obvious that they have more difficulty and obligation to control the government. For this reason, money laundering activities can be carried out without any difficulty.
The fact that the processing power demanded by global Bitcoin mining has been met by 80% Chinese miners in the last 30 days is a global alarm for Bitcoin. It is said that there will probably be significant declines in Bitcoin value after the bans.