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Bitcoin plunged over the weekend as China stepped up its crackdown on crypto. Despite having traded back up to the $40,000 range at the beginning of last week, it has now dropped back to trading below $34,000.

The Chinese government announced it was extending its crackdown on crypto-assets mining, including in Sichuan province, one of the biggest regions for mining in the country.

26 of the largest mining projects in the region were ordered closed by the authorities as they conduct investigations, local Chinese media reported per the Financial Times, placing additional pressure on one of the most valuable mining regions in the world.

Local governments in cryptocurrency mining locations Inner Mongolia, Qinghai Xinjiang, and Yunnan have all now taken steps to shut down mining operations.

Ethereum was not immune from the falls, with its price starting the week at $2622.17 and falling to a low of $2,056.55 on Sunday. The price has recovered somewhat to trade now around $2,125. 

McLaren plans to build NFT platform with Tezos

Racing brand McLaren has announced plans to build its own non-fungible token (NFT) platform with help from open-source blockchain network Tezos.

The agreement means McLaren will use the Tezos network to create an NFT platform. This will then be used to create a ‘fan experience’ for McLaren followers.

McLaren says it selected Tezos for its energy efficiency and upgradability. Tezos’s platform runs on proof-of-stake which is less energy-intensive than a proof-of-work model.

The racing firm says it wants to bring “illustrious racing heritage and renowned driver line-ups across its multiple teams to offer an unrivaled NFT fan experience.”

As a part of the deal, Tezos will have its branding represented on the McLaren F1 and Arrow McLaren SP teams, including on drivers’ suits.

Commenting on the announcement, Hubertus Thonhauser, Chair, Tezos Foundation, said: “McLaren Racing has one of the longest and most illustrious legacies in racing, and we are excited that they have chosen to bring it to the Tezos blockchain through their NFT Fan engagement platform.

“The concept of blockchain is evolving, becoming faster, more secure, and more efficient. This requires a blockchain that can keep up with this rapid pace of innovation.

“As brands everywhere look to engage with their fans in new ways, Tezos, the original and fastest evolving blockchain, remains at the forefront of innovation, providing real-world solutions in a thriving and fast-growing ecosystem.”

World Bank rejects El Salvador bitcoin request

The World Bank has turned down a request from El Salvador to aid in its implementation of bitcoin as legal tender.

The Central American nation recently passed laws making bitcoin legal tender in the country, giving itself a three-month window to roll out the necessary infrastructure to make this possible.

The World Bank, which has considerable interest in the country as it advises on currency transparency and regulatory processes, has declined to provide assistance, citing environmental and transparency concerns.

El Salvador’s finance minister Alejandro Zelaya said it had sought technical assistance from the World Bank in the rollout of bitcoin as legal tender in the nation, which it would appear has been rebuffed.

The country is looking to use bitcoin as a parallel currency to the US dollar in order to decrease dependence on greenbacks and remittance companies that charge high fees on large quantities of cross-border cash transfers. Remittances from the US account for over 20% of El Salvador’s GDP.