China Forces Bitcoin Miners to Scale Down Amid Electricity Shortfall

The People’s Bank of China recently published an update on the development of its national cryptocurrency, stating that it is ‘progressing smoothly.’

Last week, China’s central bank held its annual work conference in Beijing, during which it touched upon numerous topics, one of which is its own CBDC. As always, the report did not go into too many details, but the bank did say that the development of its so-called ‘digital yuan’ is progressing well.
Further, the bank also confirmed that it plans to continue the research and development of its national cryptocurrency throughout 2020. One detail that the bank left out, however, is when the coin might see an official launch.
Some reports from late 2019 claim that the bank has plans on releasing the coin in several isolated locations in order to run tests. However, it remains unknown as…

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