Filecoin mining company RRMine Global has announced that it has stopped operations in mainland China and moved to Singapore.
The company said the move was prompted by “tightening restrictions” on cryptocurrencies in China and “bolstered by the fact that China’s Web 3.0 strategy is going in a different direction.”
RRMine Global CEO Steve Tsou said he, like other entrepreneurs, wants “a better future for the company, employees and community”:
“The decision was made after careful consideration. It is now difficult to consistently provide services to users around the world without fail due to the persecution of crypto business by the authorities. But we manage and even achieved success. But today we want to move on, forward, recreating a thriving company in Singapore.”
The head of RRMine Global added that the company will launch an upgraded “R-Datacap Storage” service in Singapore. The solution, updated through Web3 research, is designed to significantly reduce operating costs, increase efficiency and profitability. It will greatly stimulate the loyalty system of Filecoin holders.
The businessman added that the company is now conducting research in the field of Web3 in order to create a more efficient system for storing large amounts of information.
In 2021, Chinese law enforcement agencies carried out an operation to detain 31 suspected of organizing a fraudulent pyramid scheme. The organizers of the pyramid lured investors with the promise of profits from Filecoin mining. According to some reports, among the detainees were the leaders of RRMine.
Source: Bits
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