Cryptocurrency Mining 691g5r 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. 4f3762

By Reuters | Updated: 14 September 2021 17:51 IST

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 202f2w

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

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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 istration 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.

Cryptocurrency-Mining Crackdown in China Spreads to Sichuan

In May, China's State Council, or cabinet, 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.

China’s Regulatory Crackdown at a Glance: From Bitcoin to Ride-Hailing Apps

© Thomson Reuters 2021

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