The largest Ethereum mining pool SparkPool has announced that it will discontinue servicing users in China. The announcement is on the site.
“To comply with the latest regulatory requirements, Xinghuo Mining Pool has decided not to provide mining pool services to users in mainland China,” the company said.
SparkPool representatives pledged to publish a plan for the shutdown of services and to cooperate actively with regulators.
On September 24, news emerged about another crackdown by China on the cryptocurrency industry. The National Development and Reform Commission of the PRC pointed to mining’s negative environmental impact and its ‘insignificant’ contribution to the country’s economy.
The People’s Bank of China (PBoC) described as illegal the platforms that facilitate the exchange of digital assets among themselves or into fiat. Previously, the director of the PBoC’s Payments and Settlements Department Wen Xinxian described cryptocurrencies and stablecoins as a threat to the traditional financial system.
Circle CEO Jeremy Allaire urged the United States and Western countries not to imitate China in cryptocurrency regulation.
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