China crypto ban a ‘huge opportunity for Canada,’ mining group head says
The diversified location of Bitcoin mining facilities following China’s crackdown is great news for the rest of the world, iMining CEO Khurram Shroff says.
China’s regulatory crackdown on cryptocurrencies continues to alienate major miners. Dubai-based investment company IBC Group reportedly plans to end Bitcoin (BTC) and Ether (ETH) mining operations in China.
The group has major mining operations in China and plans to distribute its operations to the United Arab Emirates, Canada, the United States, Kazakhstan, Iceland and various South American countries, according to sources. IBC Group recently relocated its headquarters to Toronto, Canada.
Commenting on the crackdown on crypto with a focus on mining activities, IBC Group chairman and iMining CEO Khurram Shroff said it’s a temporary inconvenience. He added that the diversified location of mining facilities is great news for the rest of the world:
A shift of crypto mining operations out of China will be a huge opportunity for Canada. The Toronto Stock Exchange recently listed the world’s first Bitcoin ETF.
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