Coinspeaker
Joe Biden Directs Chinese Crypto Miners to Cease Operations Near Warren Air Force Base
United States President Joe Biden has directed the Secretary of Treasury to inform a British Virgin Island-incorporated company MineOne Partners Limited to sell and evacuate from its premises in the next four months. According to the presidential order on May 14, MineOne, a Chinese-owned company poses a direct threat to national security by operating its crypto mining business within 1 mile of the Air Force Base.
Moreover, the presidential order noted that the Chinese investors did not initially involve the Committee on Foreign Investment in the United States (CFIUS) until a public tip triggered the investigations.
As a result, the Chinese investors operating the more than 12-acre land are expected to sell the property to a US citizen and remove any physical structure within 120 days from yesterday. Precisely, the Chinese investors have 90 days from yesterday to remove any physical object or installation of any kind on the property.
“MineOne acquired the Real Estate in June 2022 and then made improvements to allow for use of the Real Estate for specialized cryptocurrency mining operations near Warren AFB, a strategic missile base and home to Minuteman III intercontinental ballistic missiles,” the report noted.
US-China Relations Remained Soar Throughout the Biden Tenure
The relationship between China and the United States has remained volatile in the past years, especially on the issues of technology, trade, and security. As of this report, the United States has a Gross Domestic Product (GDP) of around $25.46 trillion while China has around $18 trillion.
The ongoing global geopolitical crisis in the Middle East and between Russia and Ukraine has further strained the relationship between the BRICS movement and the G7 nations led by the United States.
As Coinspeaker previously reported, China has already put in place strict measures to prevent the exportation of gallium and germanium products, which are mostly used in the manufacture of semiconductor chips. On the other hand, the United States has withheld its AI technology from Chinese tech companies led by Huawei.
Crypto Issue
The mass adoption of crypto assets and Web3 products has undeniably threatened to dethrone the US dollar as the global reserve currency. As a result, the Biden administration has remained harsh on crypto assets with the Congress lagging in enacting clear regulatory frameworks.
The ongoing feud between the United States and China has undeniably inspired the rise of blockchain technology as more people attempt to achieve financial freedom and have their voices heard.
Meanwhile, the crypto debate is expected to heavily influence the upcoming 2024 presidential election in November. Already, the top candidates have set their sights on the crypto voting bloc to secure victory later this year.
Joe Biden Directs Chinese Crypto Miners to Cease Operations Near Warren Air Force Base
