September 2020 marked a watershed moment for the crypto-tech industry as El Salvador became the first country to use the world’s leading cryptocurrency, Bitcoin, as a legal tender. However, the joy was short-lived. Later that month, top-down actions taken across the Pacific sent ripples throughout the crypto setup.On September 24, Chinese authorities issued two notices on the entire industry chain of cryptocurrency. A document published on the National Development and Reform Commission (NDRC) website declared the aim to eliminate the upstream and downstream of cryptocurrency mining activities. Guided by the concept of ecological civilisation listed in Xi Jinping Thought on…