China Announces Strict Measures to Monitor and Control Cryptocurrency Mining
Date: 2024-02-05 Author: Dima Zakharov Categories: BUSINESS
China's Crackdown on Cryptocurrency Mining
In a move aimed at tightening its grip on the digital currency market, China's officials in Beijing have revealed plans to enforce stringent measures to monitor and control cryptocurrency mining activities in 2024. The city intends to put an end to any activities associated with cryptocurrency mining in accordance with national requirements and regulations.
Under these new rules, the city will ensure compliance with national standards and continue to eradicate virtual currency mining activities. The primary focus will be on enhancing monitoring, analysis, and covert correction of these activities. The ultimate goal is to decisively halt the city's involvement in cryptocurrency mining in full compliance with laws and regulations.
The Municipal Development and Reform Commission, the Municipal Network Information Bureau, and the Municipal Bureau of Economics and Information Technology will be responsible for implementing these measures in line with their respective duties.
Currently, cryptocurrencies are prohibited in China, making cryptocurrency mining illegal as well. However, the Chinese population's interest in cryptocurrencies persists, and they continue to acquire cryptocurrency assets through various methods.
