Beijing government announces ban on cryptocurrency mining

In a move to further regulate the digital currency industry, Chinese officials in Beijing announced that stringent measures will be taken in 2024 to monitor and analyze cryptocurrency mining activities. The city of Beijing is doing its best to crack down on cryptocurrency-related mining activities. With laws and regulations.

As part of the new regulations, the city will enforce state requirements and continue to eliminate virtual currency “mining” activities. The focus will be on strengthening the monitoring, analysis and classified remediation of these activities. The ultimate goal was determined to decisively liquidate the city’s cryptocurrency ‘mining’ activities in accordance with laws and regulations.

The municipal development and reform committee, the municipal network information office, and the municipal economic and information technology department are responsible for implementing these measures according to their respective responsibilities.

Cryptocurrencies are currently banned in China, so cryptocurrency mining is also illegal. However, Chinese interest in cryptocurrency continues, and they continue to purchase cryptocurrency assets through various methods.

*This content is not investment advice.