Get the Facts: Analyzing Hutchinson’s claim on China and cryptocurrency

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Republican presidential candidate Asa Hutchinson spoke this week at a conference on cryptocurrency in Manchester.The former Arkansas governor made it clear during the forum that he supports the form of digital currency.”I stand with the crypto industry, and I want it to grow, I want it to prosper, and let’s succeed and let’s compete and let’s win,” Hutchinson said.This election season, News 9 is partnering with PolitiFact to fact-check the presidential hopefuls from both parties. On Monday, Hutchinson made a claim that China is allowed to do crypto mining in the United States.”It makes no sense to me, if we’re trying to prohibit communist China from buying farmland in America, why are we allowing them to do crypto mining in the United States of America?” Hutchinson said.PolitiFact, citing a New York Times investigation, said Hutchinson is mostly right.”There are a number of China-connected businesses in this space in the United States,” said Rebecca Catalanello, of PolitiFact. “And there has been a great influx in that in recent years, in part because China banned cyber mining.”Crypto mining involves extracting new currency through a process of using computers to solve mathematical equations. Even though there are some federal safeguards, analysts said more needs to be done.”There does seem to be agreement that that these businesses have raised concerns about national security,” Catalanello said.

Republican presidential candidate Asa Hutchinson spoke this week at a conference on cryptocurrency in Manchester.

The former Arkansas governor made it clear during the forum that he supports the form of digital currency.

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“I stand with the crypto industry, and I want it to grow, I want it to prosper, and let’s succeed and let’s compete and let’s win,” Hutchinson said.

This election season, News 9 is partnering with PolitiFact to fact-check the presidential hopefuls from both parties. On Monday, Hutchinson made a claim that China is allowed to do crypto mining in the United States.

“It makes no sense to me, if we’re trying to prohibit communist China from buying farmland in America, why are we allowing them to do crypto mining in the United States of America?” Hutchinson said.

PolitiFact, citing a New York Times investigation, said Hutchinson is mostly right.

“There are a number of China-connected businesses in this space in the United States,” said Rebecca Catalanello, of PolitiFact. “And there has been a great influx in that in recent years, in part because China banned cyber mining.”

Crypto mining involves extracting new currency through a process of using computers to solve mathematical equations. Even though there are some federal safeguards, analysts said more needs to be done.

“There does seem to be agreement that that these businesses have raised concerns about national security,” Catalanello said.