The People's Bank of China and seven other departments: Continue to crack down on virtual currency "mining" activities

Deep Tide TechFlow News, February 6 — The People’s Bank of China and seven other departments issued a notice on further preventing and addressing risks related to virtual currencies. The notice mentions the ongoing crackdown on virtual currency “mining” activities. The National Development and Reform Commission, in coordination with relevant departments, will strictly regulate virtual currency “mining” activities and continue to promote the rectification of virtual currency “mining” operations.

All provincial governments are responsible for the cleanup of “mining” activities within their administrative regions. They are required to thoroughly review and shut down existing virtual currency “mining” projects in accordance with the requirements of the “Notice on Rectifying Virtual Currency ‘Mining’ Activities” (Fagai Yunxing [2021] No. 1283) issued by the National Development and Reform Commission and other departments, as well as the provisions of the “Guidance Catalog for Industrial Structure Adjustment (2024 Edition).” They must eliminate existing virtual currency “mining” projects, prohibit the addition of new “mining” projects, and ban “mining machine” manufacturers from providing sales and other services within the country. (Jin10)