The International Blockchain Consulting “IBC” Group has shut down all of its Bitcoin and Ethereum mining operations in China to the Chinese government’s crackdown on cryptocurrency.
Large portions of the company’s operations will be relocated to North and South America, as well as Europe and the Middle East.
It was founded in 2014 and now has a presence in 40 countries, providing blockchain consulting services ranging from ICO support to institutional training. Over the last seven years, the company has worked with start-ups and established players and counseling governments and organizations.
Khurram Shroff, a well-known crypto investor and the Chairman of the IBC Group, had the following to say about the situation.
“As far as our own crypto mining operations, within the IBC Group, are concerned; we are closing down all our Bitcoin and Ethereum mining facilities across China, and moving our staff to multiple new locations globally, including UAE, Canada, USA, Kazakhstan, Iceland, and various South American countries,”
Staff will be relocated to the UAE, Canada, the United States, Kazakhstan, Iceland, and a few South American countries as part of the shift.
The Chinese government is cracking down on cryptocurrency
This massive shift of operations out of China to direct economic competitors is not surprising. The Chinese government and their central bank, The People’s Bank of China, have enforced restrictive rules on cryptocurrencies since acting as a catalyst in May’s crypto meltdown.
BTC China declared that they would be exiting the Chinese market just last week due to this new business model. Bitcoin enthusiast Michael Saylor even called the Chinese choice a trillion-dollar blunder.