China’s Hebei Province will start checking and cracking down on crypto mining from October

Mining cryptocurrency consumes a considerable amount of energy, against China’s carbon neutrality and carbon peak goals. Therefore, according to Weixin, on September 14th, China’s Hebei Province stated that it would start checking and cracking down on crypto mining from October.

chinas-hebei-province-will-start-checking-and-cracking-down-on-crypto-mining-from-october

Source: Weixin

Crypto mining threatens national security

Cryptocurrency exchanges and transactions have greatly affected China’s financial order and increased financial risks. Most of them are related to its proliferation and spread, which will seriously affect economic and social development and directly threaten national security.

The rectification action requires that, before September 30, relevant agencies in the province carefully verify and inspect the information systems in use, further improve system security measures and internal management systems, and strictly prevent the use of system computing power to engage in illegal activity crypto mining. If the system has been completed, the filing shall be completed before September 30.

The rectification action proposes that the cybersecurity and informatization and financial supervision departments at all levels strengthen the collection of public opinion information and relevant reports and promptly discuss, evaluate and handle detected problems.

Starting from October, relevant departments will jointly carry out normalized monitoring and publish the results of monitoring and treatment within a specific range. To detect illegal mineral exploitation by the computing capabilities of the information system, to be seriously responsible before the leaders and responsible persons; Internet access will be stopped before the relevant information system rectification is completed; illegal transactions will be strictly handled according to the provisions of law.

The public must monitor and promptly report detected problems and jointly rectify the behavior of mining and trading cryptocurrencies.

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