Cryptocurrency Mining, Trading to Face Crackdown in China's Hebei Province

Cryptocurrency mining consumes an enormous amount of energy, which is said to hamper China's 'carbon neutral' goal.

Cryptocurrency Mining, Trading to Face Crackdown in China's Hebei Province

Mining centres like Xinjiang, Yunnan have ordered crackdowns on mining of cryptocurrencies like Bitcoin

Highlights
  • In May, China's State Council vowed to crack down on Bitcoin mining
  • From October it will monitor the sector and punish those who floutrules
  • Some miners have been considering moving elsewhere due to the crackdown

The cyberspace commission in China's northern Hebei province said it will cooperate with other government departments to crack down on virtual currency mining and trading, the latest move in the country's cryptocurrency crackdown.

The province's educational department, public security department, local financial regulatory bureau, and communications administration will also participate in the crackdown, the commission's statement said.

"Cryptocurrency mining consumes an enormous amount of energy, which is against China's 'carbon neutral' goal," the statement said, adding that it also carries huge financial risks.

In May, China's State Council, or cabinet, vowed to crack down on Bitcoin mining and trading, escalating a campaign against cryptocurrencies days after three industry bodies banned crypto-related financial and payment services. Bitcoin price in India stood at Rs. 36.19 lakhs as of 5:30pm IST on September 14.

The commission said that before September 30, those departments should check the information systems they are using, to avoid the use of any computing power to engage in the illegal mining of virtual currencies.

It added that they should step up the collection of information from whistleblowers and the general public. From October it will regularly monitor the sector and punish those who flout the rules.

© Thomson Reuters 2021


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