As reported by BTC PEERS, the country’s Financial Stability and Development Committee (FSDC) said during its 51st meeting that it would “crackdown on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field.”
Although China is yet to release official news on the matter, the single line of comment from the FSDC is already driving several miners into panic mode. Reports have it that some Bitcoin miners are already turning to overseas mining facilities, while others are selling their coins.
Mustafa Yilham, who is the VP of Global Business Development at Bixin, a long-time bitcoin mining firm in China earlier tweeted that “in past 48 hours, Chinese miners already started to accelerate the migrating process to other countries… There will also be large quantities of Bitcoin mining machines available for sales.”
Yilham goes further to explain that the regulatory uncertainty is creating bearish sentiment amongst Chinese miners. Agreeably, the negative sentiment has affected the price of Bitcoin and spilled over to the entire cryptocurrency market.
Source: Cryptocurrency - investing.com
