Suppression of cryptocurrencies, China still owns the second largest bitcoin in the world
China holds more than 194,000 bitcoins. The above cryptocurrencies was seized by the country’s government from the multi-stage PlusToken project.
According to information from Kevin Rooke, the Chinese government holds more than 194,000 BTC, which is almost the same 10.8 Million dollars at the current market price. These assets account for 0.9% of the total circulating bitcoin supply.
The amount of Bitcoin the Chinese government holds is currently number 2 on the Kevin Rooke website’s Who Holds All The Bitcoin rankings. The number of bitcoins this country currently has ranks second after Grayscale, a company that manages cryptocurrencies mutual funds.
The number of bitcoins that the Chinese government owns is mainly property that has been confiscated from criminals and illegal activities. For example, in November 2020, Chinese authorities confiscated 4.2 Billion USD Cryptocurrency from PlusToken’s multi-stage project, including 194,775 BTC, 833,083 ETH and many other coins.
On September 24th, the Chinese government stepped up its crackdown on cryptocurrencies. According to the latest statement, the country is determined to eradicate illegal transactions and cryptocurrency mining activities across the country.
According to CoinTelegraph, the main motive for banning Bitcoin transactions was to promote the Central Bank of China (CBDC) digital currency, Renminbi (eCNY).
After the government crackdown, the cryptocurrency mining industry in China was almost paralyzed. Many Bitcoin mining farms in China have to sell their “plows” and cease operations. The remainder are transporting excavators to other countries to continue mining. Most farms are “migrating” to the US and are waiting for Bitcoin mining to gradually stabilize.