Quicktake
How China Rivals Elon Musk in Rattling Crypto Markets
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Chinese regulators have long sought to tamp down risks related to the rise of Bitcoin and its peers. The cryptocurrency ethos runs counter to China’s aggressive centralized control of finance, and China is home to a large concentration of the world’s crypto miners, whose need for massive amounts of power complicates efforts to curb greenhouse-gas emissions. The Chinese government’s latest and most explicit ban on all crypto transactions, as well as a pledge to stop illegal mining, is the culmination of years of attempted crackdowns.