en
Back to the list

China’s Hebei Province Launches Mining and Trading Crackdown


www.coindesk.com 14 September 2021 08:49, UTC
Reading time: ~1 m

China’s Hebei province, near Beijing, announced a new crackdown on cryptocurrency mining and trading, according to a WeChat post by the local Communist Party Office of Network Security and Information Technology.

  • Recently, government agencies deployed “special rectification actions” because crypto mining is against China’s carbon neutrality goals, and the spread of crypto “directly endangers national security,” according to the post.
  • Before Sept. 30, local government departments and insitutions should ensure that their information systems are not used for crypto mining, the announcement said.
  • Starting October, Hebei government agencies will regularly monitor IT systems in the province for suspicious activity, will withhold internet access to suspected mines until rectification is completed and will punish those who operate mining illegally.
  • The post also calls for agencies to step up information gathering from the public.
  • The provincial agencies involved include the Province’s Internet Information Office, Departments of Education and Public Security, the finance watchdog, branch of the People’s Bank of China, Communications Administration and the branch of the National Computer Network Emergency Technology Processing and Coordination Center.
  • Following a May State Council statement, Chinese cities and provinces have been cracking down on crypto mining.
  • The central bank said the regulatory crackdown on crypto trading was completed earlier in September.

Read more: China Has Completed ‘Rectification’ of Crypto Transactions: PBOC

DISCLOSURE


   Source
Back to the list