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

Odaily Planet Daily reports that the People’s Bank of China and seven other departments have 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, together with relevant departments, will strictly regulate virtual currency “mining” activities and continue to promote the rectification of virtual currency “mining.” Provincial governments are responsible for the overall management of “mining” rectification within their administrative regions. They are required to thoroughly review, investigate, and shut down existing virtual currency “mining” projects in accordance with the requirements of the “Notice on Rectifying Virtual Currency ‘Mining’ Activities” (Fagai Xingdong [2021] No. 1283) issued by the National Development and Reform Commission and other departments, as well as the “Guidelines for Industrial Structure Adjustment (2024 Edition).” All existing virtual currency “mining” projects must be comprehensively examined and shut down. The addition of new “mining” projects is strictly prohibited, and “mining machine” manufacturing companies are forbidden from providing sales and other services within the country.