China Securities Journal reported that more than 20 crypto firms are now moving out from China to follow the guidelines of the crypto ban of People Bank of china.
As all of us know very well how Chinese authorities announced two times ban on crypto related operations this year, one in may & second in the last month. Through the second announcement of the crypto ban by the Central Bank of China. Recently Huobi, KuCoin decided to halt their operations from China by 31 December permanently.
China Securities Journal is a major news media in China, This media news reported about the crypto companies’ withdrawal from China. According to the report, more than 20 crypto operations related firms are moving out from China. These are those crypto firms, which have involvement in the crypto mining & trading mostly.
China Crypto Ban Support By Elon Musk
The ban of Chinese authority was opposed by almost all the crypto players, while one of the popular players of the crypto industry Mr. Elon Musk, CEO of Tesla & SpaceX, supported the initiative of the Chinese government to ban crypto mining operations.
Elon Musk recently said that many cities of China are facing a shortage of electricity, so the crypto mining ban was the biggest needed initiative of China. But it is worth to notice, Elon Musk didn’t talked about the crypto trading and online business ban.
Earlier, Elon Musk claimed that they are stopping accepting Bitcoin to sell their Tesla car because Bitcoin has many issues like transaction fees & Carbon footprint.
Well, right now almost all crypto firms, which were Operating their operations through any kind of mode, planned their withdrawal procedure from China, so that they can get out from mainland China without causing loss for the Chinese crypto investors.