- Filecoin announced its closure of business deals with China and relocation to Singapore.
- The decision was the result of China’s ban on cryptocurrency last year.
- Regarding the new decision, RRMine upgraded its storage service to hold large files at a low cost.
Filecoin mining company RRMine Global announced its closure of business operations in China and that it has moved its base to Singapore. RRMine’s decision to relocate to Singapore resulted from China’s ban on cryptocurrency last year.
The CEO of RRMine Global Steve Tsou quoted:
Very much like other entrepreneurs, we want the best for our company, employees and community…From today onwards, we would like to move forward and recreate the prosperous scene from China in Singapore.
On September 24, 2021, China issued an order to ban crypto mining and related activities. The People’s Bank of China (PBOC) posted the list of forbidden activities:
Notably, RRMine Global’s move to withdraw from China was triggered by the country’s “tightened restrictions” on crypto mining. The decision was strengthened by the fact that China’s Web 3.0 strategy is going in a different direction.
Many other crypto firms had also shifted their business functions from China to Singapore because of China’s ban as well as Singapore’s foresight to become the global crypto economy hub. But in recent times, Singapore has also adopted specific ideas of China against crypto.
As a first step, RRMine upgraded its service with ‘R-Datacap Storage’ to reduce operational costs, increase yield effectiveness, and drive the Filecoin incentive plan.
Filecoin (FLC) enables users to buy and sell computer storage for decentralized storage of large data at a low cost, unlike other blockchains that facilitate the storage of even smaller files at a high cost.
In December 2021, Steve Tsou reported to the newspaper Caijing that It was not easy to come back from a downfall, especially when the company has continuously provided services to all its users globally without fail despite all the happenings.