China Lashed Out At Xinjiang’s Park For Introducing BTC Mining In 2018

China lashed out at Xinjiang’s park for introducing BTC mining in 2018 and opening its doors for six crypto mining companies so let’s have a closer look at our latest Bitcoin news today.

The new reports show that the central leading group for the inspection work of environemntal protection added that the ecological and environmental problems in some of the regions in Xinjiang’s Uygur Autonomous Region and the Production and Construction Corps are still prominent and not well resolved. The inspecting team revealed that certain localities and departments don’t have the needed understanding of the need for ecological and environmental protection of these regions. Most entities focused on development while neglecting the environmental downsides and launched projects but failed to manage and to contrl them.

The report singled out Zhundong Economic and Technological Development Zone which managed to attract investment and host six illegal high-energy consuming virtual currency mining companies in 2018. The Chinese province of Xinjiang was one of the biggest BTC mining hubs in the country due to its fossil fuel and hydroelectric energy. After the crackdown on mining operations, a few industrial parks in the region had to stop operations. The Zhundong development park recieved a notice in June and demanded they shut down the operations immediately.

Despite the crackdown, China’s Bitcoin mining continued and the share of mining fell from 43% in June 2021 to 0.0% in July 2021. China lashed out at the development park but the country decided to make a comeback in the space and it is responsible for 21% of the BTC mined globally, second to the US.

As recently reported, lawmakers in the US are moving to protect the country from the potential undesirable impacts of the global adoption of the Chinese national digital currency. The three Republican senators Tom Cotton, Marco Rubio, and Mike Braun introduced a new draft bill aiming to limit the use of the Chinese central bank’s digital currency in the US. The bill is referred to as the Defending Americans from Authoritarian Digital Currencies Act and proposes to ban the use of China’s digital currency payment system, e-CNY for US app stores as well as other purposes.

As per the bill, the app and software distributors in the US will not support or enable transactions in e-CNY or support any app which features these transactions in the country. The senators reasoned that banning China’s digital yuan in the US will help the nation avoid control and surveillance of the user’s financial activity.

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• Source: https://www.dcforecasts.com/bitcoin-news/china-lashed-out-at-xinjiangs-park-for-introducing-btc-mining-in-2018/