Fun

China’s Hebei Province Begins Crackdown on Crypto Mining and Trading, Reports Reveal

News Feed - 2021-09-16 04:09:40

China’s Hebei Province Begins Crackdown on Crypto Mining and Trading, Reports Reveal


Authorities in the Chinese province of Hebei have reportedly launched a campaign against cryptocurrency mining and trading. According to a quoted announcement by the region’s cyberspace administration, a number of government agencies are working together to prevent the use of the region’s computing power in the crypto activities which the government considers illegal. Cyberspace Watchdog Targets Crypto Mining and Trading Operations in Hebei


Hebei province in Northern China has become the latest Chinese region to undertake measures to clamp down on cryptocurrency mining and trading, media reports revealed. South China Morning Post (SCMP) wrote that the regional cyberspace administration has started a campaign against cryptocurrency mining and trading, citing various reasons ranging from environmental and financial concerns to national security considerations.



Government agencies and state-run companies in the province which surrounds Beijing have been asked to inspect their information systems and put an end to any use of their computing power to mint digital coins by the end of September, the newspaper detailed. Furthermore, local universities and research institutes have been instructed to scale down the capacity of such systems to match only their academic needs.


According to a report by the state-controlled broadcaster CCTV, as published by Sina, Hebei’s internet and telecom office has joined forces with the provincial departments of education, public security, financial supervision, and communications among others, as well as the Shijiazhuang branch of the People’s Bank of China to carry out the “rectification actions against virtual currency mining and trading activities.”


Chinese crypto journalist Colin Wu, also known as ‘Wu Blockchain’ on Twitter, spread the news on social media on Tuesday, linking to a Wechat post. On September 14th, China’s Hebei Province stated that it would start checking and cracking down on cryptocurrency mining from October. https://t.co/zij82HQiKR


— Wu Blockchain (@WuBlockchain) September 14, 2021



“Cryptocurrency mining consumes an enormous amount of energy, which is against China’s ‘carbon neutral’ goal,” Hebei’s cyberspace administration has been quoted by Reuters as stating. “Its exchange and transaction are highly disruptive to the nation’s financial order, and the financial risk is big,” the agency added, according to the SCMP. The proliferation of virtual currency, the watchdog warned, will affect economic and social development in the People’s Republic and threaten its national security.


Once the current campaign is over on Sept. 30, government agencies in Hebei will continue to regularly monitor the situation and impose penalties on those who illegally mine and trade digital currencies, starting from October. The province’s cyberspace administration also said that internet and financial regulators should enhance the collection of reports from the public about such cases.


China banned cryptocurrency trading back in 2017 but Beijing authorities did not directly interfere with cryptocurrency mining until earlier this year. In May, the State Council, the cabinet of ministers, announced a crackdown on the crypto-related activities following President Xi Jinping’s pledge that the country will achieve carbon neutrality in the next four decades.


The government offensive has already affected mining operations in a number of provinces, including Sichuan, Xinjiang, Qinghai, Yunnan, Inner Mongolia, and Anhui. Gansu in Northwestern China launched its crackdown last week. The province received a closure notice for crypto mining facilities from the State Grid Corporation of China in July.


Do you think China will maintain its current policies towards the crypto industry in the future? Tell us in the comments section below. US Senator Warren Presses SEC to Address Crypto Exchange Outages, High Transaction Fees, Financial Inclusion REGULATION | 6 hours ago Bridgewater"s Ray Dalio Warns Regulators Will Kill Bitcoin If the Crypto Becomes "Really Successful" REGULATION | 8 hours ago Tags in this story administration, campaign, China, chinese, clampdown, Crackdown, crypto miners, crypto mining, crypto trading, cryptocurrency mining, Cryptocurrency Trading, cyberspace, departments, Hebei, Miners, mining, Offensive, policies, province, provinces, trading, watchdog


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Automation app IFTTT blamed for recent ‘$Packy’ token scam on X
Martin Young3 hours agoAutomation app IFTTT blamed for recent ‘$Packy’ token scam on Xa16z’s Packy McCormick and Coinbase’s Scott Shapiro were among those targeted by phishing scammers who used their accounts to
US President Biden to Issue Executive Order on Crypto This Week: Report
US President Biden to Issue Executive Order on Crypto This Week: Report U.S. President Joe Biden is reportedly expected to issue an executive order on cryptocurrency this week. It
EU watchdog sues Elon Musk’s X over alleged AI data violations
Tristan Greene5 hours agoEU watchdog sues Elon Musk’s X over alleged AI data violationsAs recently as July 25, the DPC seemed to believe the matter would be resolved without court actions.446 Total views6 Total sharesL
Four months in prison for CZ, another US state kicks out Binance.US: Law Decoded
David Attlee4 hours agoFour months in prison for CZ, another US state kicks out Binance.US: Law DecodedWhile Changpeng “CZ” Zhao received a surprisingly moderate jail term, Oregon has become the sixth state to revoke
Is Defi Coming to Bitcoin Cash? An Overview of Detoken and the Anyhedge Protocol
Is Defi Coming to Bitcoin Cash? An Overview of Detoken and the Anyhedge Protocol Maybe you’ve heard of Anyhedge. Last April, news.Bitcoin.com published an
Brazilian Securities and Exchange Commission CVM Defines Rules to Classify Cryptocurrency Assets as Securities
Brazilian Securities and Exchange Commission CVM Defines Rules to Classify Cryptocurrency Assets as Securities The Brazilian Securities and Exchange Commission (CVM) has clarified
Biden adviser who attended crypto roundtable joins pro-Harris Super PAC
Turner Wright7 hours agoBiden adviser who attended crypto roundtable joins pro-Harris Super PACThe Future Forward PAC has previously accepted donations from former FTX CEO Sam Bankman-Fried, which may be subject to forfe
Dogecoin Price To Enter Phase E After Testing Last Point Of Support, Here’s The Target
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Galaxy Digital reports $296M net income in 2023 after $1B loss in 2022
Prashant Jha10 hours agoGalaxy Digital reports $296M net income in 2023 after $1B loss in 2022The firm attributed the change in fortune to the changing market conditions from bearish to bullish, with AUM nearly doubling
Binance’s $1B emergency ‘SAFU’ fund now makes up 3% of UDSC supply
Martin Young3 hours agoBinance’s $1B emergency ‘SAFU’ fund now makes up 3% of UDSC supplyBinance’s billion-dollar emergency fund was previously held in three wallets: Bitcoin, Tether, True USD and BNB.1174 Total
BlackRock imposters target crypto ETF investors
Arijit Sarkar1 hour agoBlackRock imposters target crypto ETF investorsBlackRock warns investors about a rise in crypto scams targeting its iShares Bitcoin and Ether ETFs, urging caution against social media impersonators
Protect Yourself With the Sim Encriptados, Travel to More Than 200 Countries, and Communicate With Security
Protect Yourself With the Sim Encriptados, Travel to More Than 200 Countries, and Communicate With Security press release PRESS RELEASE. When people talk about technology, the first