During May, China’s State Council or Cabinet proclaimed it will crack down on Bitcoin mining and trading soared
The cyberspace commission in China’s northern Hebei province announced that it is going to work with other government departments to crack down on virtual currency mining and trading the latest step in the country’s cryptocurrency crackdown. The commission statement stated that, “Cryptocurrency mining consumes an enormous amount of energy, which is against China’s ‘carbon neutral’ goal,” the statement said, which said it has a huge financial risk attached to it.
During May, China’s State Council or Cabinet proclaimed it will crack down on Bitcoin mining and trading soared a campaign against cryptocurrencies days after three industry bodies cancelled crypto-related financial and payment services. The commission stated that before September 30, these departments will research about information systems they are using to ignore the use of any computing power to engage in the illegal mining of virtual currencies.
There was a certain additional step which stated they should increase the collection of information from whistle-blower’s and the general public. From October it will try to control the sector and punish anyone who will go against these rules.