fbpx

The government in China insists on a complete clean-up

China continues to take measures against the cryptocurrency mining industry with a new ban in a key southwestern province
China

China continues to take measures against the cryptocurrency mining industry with a new ban in a key southwestern province.

Power companies were called to cease supplying electricity to digital currency mining facilities starting from Sunday, June 20. Local governments in China have also required a ‘complete clean-up’ and also to track and shut down mining hubs throughout the province.

trading

Sichuan has been a safe haven for miners in the last few years. The activity was definitely flourishing thanks to the southwestern province’s cheap hydropower. According to Cambridge University’s Bitcoin Electricity Consumption Index, the only region in China to hold more mining facilities than Sichuan is Xinjiang.

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 this industry in May. The State Council thinks digital currency mining not only increases pollution, but it can also interfere with the financial stability of the country.

“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 continued 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.”

Total
65
Shares
Leave a Reply

Your email address will not be published.

trading
Related Posts