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The exchange considered the oldest in the world, BTCChina, will close its operations, apparently due to rebound effect after the Asian country decided to take repressive measures against the blockchains that operate there and prohibited the use or cryptocurrency exchange in its territory.
All this affected not only the mining business, but in general everything that has to do with crypto assets. BTCC announced that it is abandoning its bitcoin operations due to the repression against mining that the Asian country has lifted, where it operated since the year until the 2018.
BTCC was the first cryptocurrency exchange to operate in China and around the world. It was founded by Huang Xiaoyu and Yang Linke.
The news was revealed by local Asian media and it was later made public that the company had sold its stake in Singapore-registered Bitcoin exchange ZG.com. This company is a company that has registrations in the United States, Singapore, Estonia and other countries.
BTCC had already left China since the year when it was acquired by an investment fund of Unidentified blockchain based in Hong Kong, precisely as a result of the offensives against the cryptocurrency industry that the Asian giant was already undertaking by then.
For now, BTCC will start creating applications related to the blockchain , which she considers will keep her off the radar of the authorities.
However, it was known continued operating from another country until now that they decided to close their operations in that area. Probably very affected by all the doors that have been closed in other countries s for cryptocurrency operations, although it was learned by a company spokesperson that they were not being affected by these attacks on the digital currency industry.
A few years ago. weeks, new measure through its central bank that require the blocking of all transactions with cryptocurrencies in the main banks of the country.
That new order issued by the People’s Bank of China covers all banks and all payment platforms. And it was a decision that was made after several entities in the financial sphere of China met and made a consultation regarding the handling of cryptocurrencies.
% and a 75% is produced in China, according to statistics. The four provinces of that country where there is most virtual money mining are: Xinjiang, Inner Mongolia, Sichuan and Yunnan; with hydroelectric power and coal plants mainly.
Ante all this offensive against the crypto-asset market has caused the miners to decide to change their operations in the face of harassment from the Chinese government. Miners have migrated to different territories from Kazakhstan to the United States.
