86
If the chinese are breaking the law to trade crypto despite their ban, why on earth aren't you guys treating crypto like the gem it is? I'm just kidding, I know we all love crypto and treat it like the gem for decentralized banking it truly is.
China had banned crypto 5 times in a single year. Isn't that just insane? They had to keep repeatedly banning it in order to have some compliance within theeir nation. Despite the extremely authoritative regimes in china, consumers don't really abide by the law. And I think it's relatively obvious why. The Chinese are trying to avoid the heavy thumb of law by concealing their transactions in crypto. Just like everyone in the USA is. Avoid taxes through crypto and become rich. It's more likely to work than not.
Anyhow, back to the matter at hand. Cryptocurrency mining in china had been growing rapidly and is still a thing regardless of the ban being placed, nobody is really bothered by the ban apart from a few notable organisations that had to shift their operations into Russian or venezuelan territory for the extremely low electricity costs.
Pretty interesting for dubai to be on that list. Wasn't really expecting that. No idea why egypt isn't on that list, It's probably a biased source since Egypt has electrictiy costs of 0.027 U.S. Dollar per kWh for households and 0.037 U.S. Dollar for businesses.
There had recently been a report that came out detailing that chinese citizens were one of the most notably invested in crypto. This comes as a surprise considering their government being heavily against it. Mining in china had been turned into an illegal activity and can genuinely place you in hot waters with the law. For example, this chinese official that was given life in prison for breaking this specific law:
Pretty scary to think about.
News articles like these are aimed at chinese audiences which should imply that they're controlled by chinese lawmakers or individuals with some sort of power.
Regardless, this all boils down to how chinese citizens are willing to break the law in the first place to have a chip at the modern financial revolution that we all take for granted. They rely on crypto mining to make a living since the only alternative is likely for them to work in a factory with invisible safety standards.
That's all for today..
