Cryptocurrency miners flee China as clampdown intensifies

G-20 finance chiefs warn against asset-linked 'stablecoins' without official oversight

20210712N Bitcoin mining

Much of China's bitcoin mining capacity has shut down in response to tougher restrictions.

KEITA SEKIGUCHI and MANAMI OGAWA, Nikkei staff writers

TOKYO -- Those in the business of mining cryptocurrencies are rushing to leave China, which had accounted for 60% of global bitcoin mining, as the nation tightens restrictions on such activities.

China, which is already testing a digital yuan, has moved early to rein in other virtual currencies, sparking widespread disruption.

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