China's province of Hebei begins to combat crypto mining and trade, report reports - regulation

The authorities of the Chinese province of Hebei have reported a campaign against the dismantling and trade of cryptocurrencies. According to a cited announcement by the region's cyberspace administration, several government agencies work together to prevent the use of the region's computing power for the crypto activities that the government considers illegal.

cyberspace Watchdog aims on crypto from mining and trade transactions in Hebei

The province of Hebei in northern China is the latest Chinese region that took measures to contain the dismantling and trade of cryptocurrencies, as media reports unveiled. South Chinese Morgenpost (SCMP) dass The regional cyberspace administration has started a campaign against mining and trading cryptocurrencies and gives various reasons that range from environmental and financial concerns to national security considerations.

governmental authorities and state companies in the province around Beijing have been asked to check their information systems and to stop any use of their computing power for shaping digital coins by the end of September, the newspaper said. In addition, local universities and research institutes were instructed to reduce the capacity of such systems in order to only meet their academic needs.

According to a report by the state-controlled broadcaster CCTV, AS BY Sina has published Hebeis Internet- und Telecommunications office, among other things, is teamed up with the provincial departments for education, public security, financial supervision and communication as well as the Shijiazhuang branch of the People’s Bank of China in order to "correction actions against virtual" currency dismantling and trading activities. "

The Chinese cryptojournalist Colin Wu, also known on Twitter as "Wu Blockchain", spread the news on Tuesday in social media and linked to a Wechat contribution.

On September 14th, the Chinese province of Hebei announced that it would start checking and fighting cryptocurrency mining from October. https://t.co/zij82hqikr

-Wu-Blockchain (@wublockchain) 14. September 2021

"Mining cryptocurrencies consumes an enormous amount of energy that violates China's 'climate-neutral' goal," said Hebeis Cyberspace Administration quotes von Reuters as specified. "The exchange and transaction disturb the country's financial regulations to a great extent, and the financial risk is great," added the agency according to SCMP. The spreading of virtual currencies, warned the guard dog, will affect economic and social development in the People's Republic and threaten its national security.

After the end of the current campaign on September 30th, the government agencies in Hebei will continue to monitor the situation regularly and from October impose punishments against those who illegally reduce and act digital currencies. The Cyberspace Administration of the Province also said that the Internet and financial supervisory authorities should improve the collection of reports to the public about such cases.

China banned the trade in cryptocurrencies in 2017, but the authorities in Beijing only intervened directly in the mining of cryptocurrencies in the early this year. In May, the State Council, the ministerial cabinet, announced a procedure against the crypto-related activities after President Xi Jinping said that the country will reach CO2 neutrality in the next four decades.

The government offensive has already affected the mining company in a number of provinces, including Sichuan , xinjiang , qinghai , yunnan , , and anhui . Gansu in the northwest of China launched his raid last week. In July, the province received a closure for crypto mining systems from the State Grid Corporation of China.

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