According to reports, China’s Hebei Province has begun cracking down on cryptocurrency mining and trading.
Reports suggest that authorities of the Hebei province of China have started cracking down on crypto mining, as well as trading. Launching a campaign against crypto mining and trading, multiple government agencies are collaborating to ensure that cryptocurrency-related activities considered illegal are put to an end. This, of course, means crypto mining, as well as crypto trading.
Government Clamps Down on Crypto Mining and Crypto Trading
The Northern province of Hebei is joining in the national measures to control and bring limitations to crypto mining and trading. According to the South China Morning Post, Hebei’s cyberspace administration is clamping down on crypto mining and crypto trading.
There is no dearth of reasons being cited to support these measures. These fears range from affecting the environment to fears that the financial world could be affected negatively.
Both government agencies, as well as the state’s own agencies, have been tasked with examining information systems. Should they encounter any ability or computing capability to mint coins, then they should put an end to that. This operation is expected to last up to the end of September.
China and Cryptocurrency
As early as 2017, China had already put a ban on crypto trading. But it’s only this year that the government has decided to take active measures to clamp down on crypto mining and crypto trading. These new changes were announced during the State Council held in May 2021. This came after President Xi Jinping made the public declaration that China will aim for, and achieve, complete carbon neutrality, by the next four years.