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Breaking news: Ethereum Developer Virgil Griffith Pleads Guilty to Conspiracy Charge in North Korea Sanctions Case

China’s Hebei Province Launches Crypto Mining and Trading Crackdown

The northern Chinese province will be regularly monitoring IT systems for crypto mining activity.

Sep 14, 2021 at 11:49 a.m. UTC
Updated Sep 14, 2021 at 2:15 p.m. UTC

China’s Hebei province announced a new crackdown on cryptocurrency mining and trading, according to a WeChat post by the local Communist Party Office of Network Security and Information Technology.

  • Government agencies recently deployed “special rectification actions” because crypto mining hinders China’s carbon-neutrality goals, and the spread of crypto “directly endangers national security,” according to the post.
  • Local government departments and institutions for the province, which surrounds the Beijing and Tianjin municipalities, should ensure before Sept. 30 that their information systems are not used for crypto mining, the announcement said.
  • Starting in October, Hebei government agencies will regularly monitor IT systems in the province for suspicious activity, will withhold internet access to suspected mines until rectification is completed and will punish those who mine illegally.
  • The post also calls for agencies to step up information gathering from the public.
  • The provincial agencies involved include the province’s Internet Information Office, Departments of Education and Public Security, the finance watchdog, a branch of the People’s Bank of China, the Communications Administration and the branch of the National Computer Network Emergency Technology Processing and Coordination Center.
  • Following a May State Council statement, Chinese cities and provinces have been cracking down on crypto mining.
  • The central bank said the regulatory crackdown on crypto trading was completed earlier in September.

UPDATE (SEPT. 14, 11:56 UTC): Changes location of Hebei province to northern from central.


DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Eliza Gkritsi is a CoinDesk news reporter based in Asia.

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