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How is China related to cryptocurrencies?

Currently this Asian country has been considered one of the world’s powers, bringing positive and negative consequences for the rest of the world. One of the most outstanding aspects of this country in relation to cryptocurrencies is that more than 60% of the production of bitcoins comes from there, because electricity is very cheap. The problem is that there is a threat to restrict cryptocurrency trading by the Chinese government, which could influence the prices of bitcoin, ethereum and other cryptocurrencies of this style. Some groups of miners have suspended their activities in China as a preventive measure. Although mining is usually carried out in a legal and dedicated way, in some countries justice can be discretionary, resulting in innocent harm. Market capital is also a signal that indicates the financial security of any currency because the larger it is, the less manipulable it is, as long as it is distributed among many holders, that is, the owners of cryptocurrencies.

What is the world context?

To assess the general outlook of countries, you have to look at the hashing power of the major nations. It is possible to find maps that show a great capacity (or hashing power) on the part of nations such as the United States, Russia and Australia. To a lesser extent, activity is observed in countries such as Canada, Spain, Germany, Venezuela, etc. It should be added that power countries do not necessarily operate with bitcoins, there are also nations with unstable economies that rely on cryptocurrencies to facilitate the exchange of resources. For this and other reasons it is advisable to buy shiba inu coin in order to have funds available in case you decide to travel to other places and want to have a different alternative to traditional coins. In the case of bitcoin, although it recently fell from more than $ 60,000 per unit to close to $ 30,000, there is still a push from multinational organizations to promote and accept this cryptocurrency. To understand how the tycoons behind the most important companies can influence, it is possible to see this article.

Who are the key figures in relation to cryptocurrencies and China?

In the first place is the Asian minister Liu He, who issued a statement saying that they will seek to seize a part of the bitcoins in circulation in the country, or even paralyze the cryptocurrency trade there. He says he does it to serve the “real economy” and prevent financial risks. It remains in doubt whether these are the true motives or whether some other intention is hidden. On the other hand, Jiang Zhuoer is the creator of Btc.top, which is the leader of one of the most important mining groups, and announced that his business will no longer be available in China joining other companies such as HashCow and Huobi. Consequently, the adoption of novel assets such as the NFT may be compromised by the restrictions in that country. It is worth saying that the NFTs are intended to commercialize images and audiovisual files that may have future value. While they are not exactly a cryptocurrency, they are related by being an abstract resource that tends to appreciate over time. The general clamor is that world powers do not try to make a dent in all the progress that has been made with cryptocurrencies, since thousands of people have benefited, if not millions. The doubts that there were with the security and heritage issues have been cleared by cryptographic advances and updates to the blockchain.

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