Several leading crypto-currencies around the world and in India faced network issues over the last two days after a series of events caused a global sell-off in Bitcoins and other crypto-currencies. First, new data concerning crypto-currency energy consumption showed that cryptos consume unsustainable amounts of electricity. Then, a series of tweets by Elon Musk, the chief executive of Tesla Inc caused Bitcoin prices to fall and then Chinese regulators issued a new diktat imposing new restrictions on the country's financial firms. Chinese regulators tighten rules On Tuesday, three Chinese regulators instructed the country's banks, payment companies and fintech companies to stop servicing crypto-currency investments and related activities. On Tuesday, Chinese regulators tightened existing rules and plugged certain loopholes that allowed financial firms to support crypto investing and trading. A joint statement published by the People's Bank of China, the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China instructed financial firms to stop all crypto-related services and step up their monitoring of money flows involved in crypto-trading. The regulators have banned crypto-currency based saving, trust or pledging services, financial products built on these digital assets, in addition to crypto-related information services, insurance and derivatives trading. The surge in crypto-currency trading activity, adoption and valuations ever since the world was struck by the COVID-19 pandemic last year incentivised Chinese citizens to buy and trade crypto-currencies through crypto-exchanges located offshore, according to a Reuters report. Even over-the-counter crypto-exchanges within China witnessed a surge…
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