China crypto ban is huge opportunity for Canada, mining group chief says

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China’s regulatory crackdown on cryptocurrencies continues to alienate major miners. Dubai-based investment firm IBC Group reportedly intends to end Bitcoin (BTC) and Ether (ETH) mining operations in China following ban announcements from various provinces across the country.

The group has significant mining operations in China and plans to distribute its operations in the United Arab Emirates, Canada, the United States, Kazakhstan, Iceland and various countries in South America, according to sources. IBC Group recently moved its headquarters to Toronto, Canada.

Commenting on the crackdown on crypto with a focus on mining activities, IBC Group Chairman and CEO of iMining, Khurram Shroff, said it was a temporary inconvenience. He added that the diverse location of mining facilities is great news for the rest of the world:

A transfer of crypto mining operations outside of China will be a huge opportunity for Canada. The Toronto Stock Exchange recently listed the world’s first Bitcoin ETF, so the country is already ahead of the curve in terms of cryptocurrency integration.

China has turned its attention to the energy consumption of the crypto mining industry following the large-scale blackouts in China’s mining hub Xinjiang in mid-April. This was followed by tighter government oversight, sending a shockwave into the crypto markets.

Related: Expert Details State of Crypto in Canada

However, most industry experts have since agreed that while the initial reshuffle will be arduous and difficult, the migration of miners out of China will promote the decentralization of crypto.

Galaxy Digitals Mike Novogratz has seen a big net positive for the Bitcoin ecosystem in the long run, while former Gemini security engineer Brandon Arvanaghi pointed out, The crackdown means Bitcoin works, not that it fails.

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