@SirDrago
FYI: The link above does not go to an active news story.
But some key points from the WSJ article about shutting down Bitcoin miners:
"A multiagency government task force overseeing risks in Internet finance issued a notice last week ordering local authorities to “guide” the shutdown of operations that produce, or “mine,” cryptocurrencies, according to the notice and people familiar with the information.
While the notice called for an “orderly exit” without setting a deadline, far-flung areas of China where cryptocurrency mining operations have flourished are complying. A local regulatory official in the far western region Xinjiang said Wednesday that his agency received the notice and is doing “what the country wants.”
...
Their winding down is the latest blow for bitcoin and other cryptocurrencies in what was a promising market but where the government is concerned about money laundering and risks in the financial system. China accounted for nearly 80% of computer power devoted to global bitcoin mining over the past 30 days, a rough approximation of its share of new units created in the same period, according to calculations based on data from ChainalysisInc., a New York-based research firm."
I believe there are already other nations stepping up hoping to cash in on the Bitcoin mining craze. So, if the Chinese exit is "orderly" - I don't think this will be a big factor.
As far as the South Koreans banning all crypto currency - from what I understand this was mis-reported...
From Forbes:
https://www.forbes.com/sites/pamela...de-financial-regulators-clarify/#15d422ad1427
"Don't panic just yet, South Korean regulators are putting a stop to the rumours that the government is banning all crypto transactions.
The confusion came after local publications quoted a government official saying they are "considering" a ban in the country as a way to cool down the digital currency craze. The announcement follows Prime Minister Lee Nak-yeon's harsh warning that cryptocurrencies might "corrupt the nation's youth." Last month he urged regulators to create a task force alluding to crypto as a gateway to pyramid schemes and speculative investment if left unchecked.
Korea's top financial watchdog, the FSC (Financial Services Commission) Chairman Choi Jong-ku noted that the ministries are in discussion over the extent of trade regulation. As of now, several government groups involved in the virtual currency task force are of divided opinion on the matter-- some in fear of stifling crypto and fintech innovation. But Choi confirmed that any decision to prohibit transactions must have legal basis. "
So I believe SK is just looking to target "illegitimate" entities in the crypto space - but it is all speculation right now...
Regardless, this news definitely has the market shaken...
I think there are a lot more bumps in the road to come, but I don't see any roadblocks yet. I believe the market should recover shortly and continue on it's former path... But I am not an investor and not giving advice... Mainly just watching on the sidelines, while HODLing a small diversified crypto investment.
Interesting times...