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The Ledger: China's Bitcoin Ban, Crypto Endowments, Arbitrage Bots

by fortune.com posted 4months ago 27 views
The leading edge of finance and technology. : China appears poised once again to clamp down on the cryptocurrency industry. But people should welcome, not fear, the proposal. The National Development Reform Commission, China’s top economic planner, last week recommended eliminating the digital “mining” business altogether, echoing similar guidance the commission published in 2011. The country has dominated this lucrative specialty for the better part of Bitcoin’s history thanks to an abundance of cheap electricity, sourced from coal and hydropower, as well as the presence of a well-established manufacturing base capable of supplying the necessary machinery.

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