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China: crackdown now escalates with a new ban

Qinghai province in China joins Xinjiang and Inner Mongolia in announcing a ban on digital currency mining activities
China

Qinghai province in China joins Xinjiang and Inner Mongolia in announcing a ban on digital currency mining activities.

China’s cryptocurrency mining and trading crackdown caused a literal market crash last month. The State Council of China decided to shut down everything related to these types of currencies in May.

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“We should be more alert and look for potential risks. We should crack down on bitcoin mining and trading activities and prevent individual risks from being passed to the whole society.”

The State Council of China

The country continued in the same direction the last days, demanding the shut down of more mining facilities. The use of coal for these operations grabbed the attention of the government.

China has been trying to reduce carbon emissions, and the high coal consumption activities have been under supervision for quite some time now. But this is not the only reason behind the latest ban.

The State Council thinks digital currencies not only increase pollution, but they can also interfere with the financial stability of the country. 

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“The Qinghai government will prohibit any local authorities from setting up or permitting any new crypto mining projects. It will also close down all the current crypto mining operations in the province.”

The State Council of China

China also arrested more than 1,000 people on money-laundering charges. 1100 individuals and 170 organizations have allegedly used digital currencies to elude the law was announced by the Ministry of Public Security.

The pressure over crypto continues in China. Many searching engines and browsers have started to censor certain words related to crypto. Also, if you type names like Huobi, Binance, and OKEx, there will be no results.

Either searching in English or Chinese, the following words pop up in some mobile applications “according to the relevant laws, regulations, and policies, the search results have not been displayed.”

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