Charlie Lee: China Won’t Ban Bitcoin Mining

Although the

China government has announced that it will no longer allow Bitcoin / Yuan trading, there are still many question marks about the situation.. Major exchanges are certain to stop trading Yuan and Bitcoin, but it is still unclear whether Bitcoin mining will be affected. According to Litecoin’s founder Charlie Lee, mining will not be banned, but there is still no source to confirm Lee’s tweet.

Cryptocurrency mining is very affected by a decision to be taken in China. Although it seems likely, there has been no official statement regarding the ban on mining.. Looking at the big picture, this uncertain wait shows that Bitcoin mining in China is currently in a difficult situation.

1/ I have a trusted source that says that there’s no truth to China banning mining or network.

FYI, I haven’t made any trades on this info.

— Charlie Lee (@SatoshiLite) September 22, 2017

Charlie Lee, China has no plans to ban cryptocurrency mining. Although Lee says that he has reliable sources, we will see the accuracy of the news in the coming days.. As most people know, cryptocurrency mining in China provides high hash > to the Bitcoin network.. This goes for Litecoin and a few other cryptocurrencies as well.. If this situation is stopped suddenly, it could have fair consequences for many cryptocurrencies.

There really is not much reason for China to ban cryptocurrency mining. First of all, China does not impose a ban on cryptocurrencies. Simply, it wants to better grasp and control the capital outflows in the country, especially the Yuan.

The Chinese government is not banning. In fact, users of cryptocurrency exchanges will be able to trade between different cryptocurrencies seamlessly.. But without valuation in national currencies.
This gives rise to many reasons for China to allow cryptocurrency mining. It is also possible for investors in China to trade cryptocurrencies with different methods, without using official currencies.