The cyberspace commission in China’s northern Hebei province announced that it will work with other government departments to combat virtual currency mining and trading, the latest move in the country’s cryptocurrency crackdown.
According to the commission’s announcement, the province’s educational department, public security department, local financial regulatory bureau, and communications administration would all be involved in the crackdown.
“Cryptocurrency mining consumes an enormous amount of energy, which is against China’s ‘carbon neutral’ goal,” the statement stated, adding that it also carries huge financial risks.
China’s State Council, or cabinet, pledged in May to tighten down on Bitcoin mining and trade, expanding a campaign against cryptocurrencies only days after three industry bodies outlawed crypto-related financial and payment services.
According to the commission, such departments should review their information systems by September 30 to avoid employing any processing capacity to engage in illicit virtual currency mining.
They should also increase the collecting of information from whistleblowers and the broader public, according to the report. It will begin monitoring the industry in October and punish those who break the regulations.