What started out as a joke, cryptocurrencies like Bitcoin have since become digital assets that are taken seriously in a number of countries, with mixed reactions.
2021 is going to be quite a tumultuous year for cryptocurrencies in the world. The coin with the highest value and market capitalization is Bitcoin which has made new highs, surpassing the $40,000 mark on January 8, then $64,000 in April and $69,000 on November 10.
Many "meme coins" - coins with low value but strong appreciation thanks to the attraction of the community - also became hot topics in the media such as Shiba Inu and Dogecoin.
With such unpredictable developments and increasing attraction of cryptocurrencies to investors, it is understandable that some large and small countries around the world have had certain changes in policy towards currencies. policy in 2021. However, whether policies are positive or negative, there are clear differences between countries.
China cracking down on cryptocurrencies
China is known to be a crypto-friendly country, with many prohibitive policies and the official opinion that Bitcoin and other cryptocurrencies lack legitimacy, pose a lot of financial and financial risk. regulation and mining on a large scale consumes a large amount of energy, which goes against environmental policy. The majority of cryptocurrency exchanges in China have been banned by Chinese authorities since 2017.
However, 2021 will mark the Chinese government intensifying its crackdown on cryptocurrencies to the point of almost completely removing them from its territory. In May 2021, China's State Council announced it would crack down on cryptocurrency mining; This policy was then drastically implemented by the provincial governments in the following months. Finally, on September 24, 2021, the Chinese government completely banned cryptocurrency mining and trading.
In addition to large-scale Bitcoin and cryptocurrency mining facilities, the Chinese government's crackdown also wants to eliminate secret mining by taking advantage of the computer systems of public agencies, domestic enterprises. countries, universities and research institutions. This deterrence against state-owned enterprises was renewed in mid-November, following the expulsion of a Jiangxi provincial official from the Party in part for supporting crypto-related businesses.
The US welcomes but is wary of legal loopholes
After China officially banned cryptocurrency trading and mining, the US became the number one destination for Bitcoin mining facilities and officially became the leading country in Bitcoin mining thanks to its legal system and infrastructure. relatively friendly.
However, the increase in large-scale cryptocurrency mining has also significantly raised concerns about the environmental and financial risks of this asset class in the US. Therefore, the US government has also made certain moves in 2021 to strengthen the ability to control risks from cryptocurrencies, although not to the same extent as in China. In addition, due to institutional differences, the way in which cryptocurrency regulation and related issues increase in the US is also more fragmented than the one in China.
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