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
