Jakarta, CNN Indonesia —
Authorities China take action against crypto mining. The reason is, it is considered a dangerous practice that will threaten China’s efforts to reduce carbon emission.
Quotes CNN.com, Tuesday (16/11), National Development and Reform Commission Spokesperson Meng Wei denounced bitcoin mining. According to him, it will produce a lot of carbon emissions.
To that end, the Chinese side will take crackdown on crypto mining. Meng said that the production and trading of cryptocurrencies would come with risks.
Meng said the NDRC, China’s top economic planner, would raise electricity prices for institutions abusing their access to subsidized electricity to participate in crypto mining.
This makes the price of bitcoin down 7 percent to US $ 60,889 per chip today. This figure is the lowest in the last week.
Likewise with ether which fell more than 8 percent to US $ 4,297 per chip. This is the worst level in the last two weeks.
China itself takes aim at crypto for a variety of reasons. Authorities see currency as a major financial risk and avoid tight national controls.
Crypto restrictions also emerged after the Chinese government launched a digital version of the yuan. The launch would give the central bank tighter control over the exchange of money.
(aud / sfr)
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