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Cryptocurrency

31 Jan 2022

Crypto Mining Unable to Withstand another Green Regulation

The Index Today

China has effected a ban on the mining, trading, and services of Bitcoin (BTC). In doing so, the government plans to reduce its negative impact on the environment and to do its part in combating the effects of climate change.

Anyone wanting to deal in Bitcoin in China will now require a special authorization from the government to do so. This policy is the first in a series of more to come that aims at checking and mitigating the environmental side-effects of the cryptocurrency industry. Experts have predicted that crypto companies do not stand a chance in being able to withstand such stringent regulatory policies as the world shifts to adopting more climate-friendly corporate practices.

Although this move spells badly for crypto aficionados, they can always take advantage of coal mining as a possible alternative.

©Photo: Financial Times

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