China is moving again to regulate crypto-asset mining activities in the country. passed.
The Chinese province of Hebei has joined forces with the People’s Bank of China to regulate the country’s crypto-asset mining and trading situation. The reason for the restrictions that the state wants to impose is explained as the level of energy consumption of crypto-asset mining and perceived as a threat to the financial order of the country. As it is known, China is trying to reach the carbon neutral targets it has set. On the other hand, it was stated that investors are at high risk due to the volatile nature of crypto assets.
This new order requires intense monitoring of companies engaged in crypto-asset mining activity. Thus, companies will be prevented from using computing power for crypto-asset mining. State-owned companies will be the main implementers of this new order, while universities and scientific institutions will report activities related to computing power.
Starting in October, many departments in the state will begin monitoring the activities of companies associated with crypto-asset mining. If any mining activity is detected, it is planned to prevent this activity for internet access and electricity interruptions.
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