Is China's crypto mining ban an opportunity for other countries?




 

China’s role in crypto world

Let’s begin with basics China Holds most crypto which holds for about 70% even after several restrictions by the Chinese Government from Not accepting crypto to stopping mining in 2021. The Chinese legislation over crypto is also one of the reasons for market crash. But for facts China also holds largest numbers of miners in the world, China also ended the fundraisers for the cryptocurrencies.  As we know cryptos are an online currency that can be stored in an e-wallet. And this is not a safe way to make transactions with these currencies for governments. Because the government has not any control over it. Cryptos are not traceable, anyone never knows where the transaction has happened and who makes this. 





    So, the government also unable to trace any crypto transactions. And the terrorist and illegal workers take this advantage of cryptos. They make illegal transactions and they never have been traced by the governments. No banks have controlled these transactions and cryptos are not verified currencies. These are online untouchable money. 

    Most of the illegal transactions have happened in China. And government cannot trace they’re for cryptocurrencies, so China’s president Xi Jinping totally ban cryptocurrencies and crypto mining from China.

 

Opportunities for other counties

If we talk about largest countries to hold crypto, your brain will go on default

USA or Russia but the fun part is it’s Africa, Nigeria to be precise (32%) of the crypto is hold by Nigeria

But the question arises how these countries are taking these opportunities?

Whenever this crash occurs countries like these invest large amount of money in crypto for Nigeria alone $400,000,000 (190 billion naira) worth of cryptocurrency was traded by Nigerians

After Ban in China Countries like Japan, USA, Nigeria Has Coined this moment and crypto mining is increasing day by day in these countries.

 


Crypto And USA

Currently USA is trying to be no.1 in Crypto market by accepting bitcoin and dogecoin as mode of payment Tesla you’re hearing me right, jokes aside USA is trying hard to be next China in terms of crypto mining by implementing less taxes and legislation over the currencies which is like piece of cake for the miners and even endorsement of currency like Dogecoin- you never thought it’ll go this up haven’t you by Beloved Crypto Crasher Elon Musk, These are the reasons why people are interested in Crypto In USA and turning out huge profits  


 


 

 

 

 

Will crypto last long?

No as Countries Like China and India aren’t confident on cryptocurrencies because of fluctuation in price and inflation countries are not willing to invest in crypto and the major problem is highly priced hardware and as global warming is increasing countries are on the go on green energy and less carbon emission on where crypto mining is totally opposite  

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