Saturday, October 23, 2021
News

China bans cryptocurrencies, mining projects

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | Friday, 2021 10:15:06 PM IST
The Chinese authorities said on Friday that all cryptocurrency-related businesses are illegal and called for the exit of cryptocurrency mining projects.

Up to three-quarters of the world's supply of bitcoin has reportedly been produced in China, but the process consumes vast amounts of electricity, and energy produced by coal-burning plants is a massive contributor to air pollution, Global Times reported.

Over the past several months, several large virtual currency mining centres in China, including in southwest China's Sichuan Province and north China's Inner Mongolia Autonomous Region have announced to shut down cryptocurrency mining projects partly out of consideration for energy consumption.

Virtual currencies have no legal tender status, the People's Bank of China (PBC), the country's central bank, said in a notice on Friday. Bitcoin and other cryptocurrencies like Ethereum and Tether are not issued by the monetary authorities and have no legal tender power, and therefore should not and cannot circulate as a legitimate currency, it said.

"All the illegal financial activities are strictly banned and will be eliminated in line with laws," said the PBC, noting that those who committed crimes by engaging in relevant illegal financial activities shall be prosecuted for liabilities.

The statement is an extension of the country's intensifying regulation on cryptocurrencies beginning from a meeting of the State Council's Financial Stability and Development Committee in May. The meeting signalled that a further crackdown on virtual currency trading and mining activities is part of efforts to fend off financial risks from the root, Global Times said.

On Friday, ten other government agencies, including the National Development and Reform Commission (NDRC), the Ministry of Industry and Information Technology and the Ministry of Public Security listed cryptocurrency mining as a sector to be eliminated.

In addition, the statement said that government agencies will step up enforcement and firmly stop electricity generation firms, especially smaller ones, to provide electricity for cryptocurrency mining activities, while it's strictly banned for mining firms to self-supply electricity.

--IANS san/vd

( 336 Words)

2021-09-24-21:34:02 (IANS)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Demand pickup, infra creation to grow lo...
Great Place to Work Certification Annou...
Amidst a Drop in Glove Prices - SRAM &am...
Krishna Singh Thakur's Pardesia is out n...
Massimo Dutti Launches Online Store...
Organik Monster offers exclusive SEO tra...
More...
 
INDIA WORLD ASIA
Tibetan activists, supporters join Globa...
Goa's passion, craze for football is at ...
RAW should investigate Captain's friend ...
Amit Shah's J-K visit; to inaugurate Sri...
J-K administrtation issues fresh guideli...
Internet Services in Bikaner are suspend...
More...    
 
 Top Stories
Merkel says always felt 'significan... 
South Korea reaches 70pc full COVID... 
Throw-downs to batters & tips to wi... 
Telugu folk singer Mangli to amplif... 
Ammy, Sargun-starrer 'Qismat 2' to ... 
Kamal Nath urges MP CM to hike stat... 
Demand pickup, infra creation to gr... 
Priyanka Gandhi to flag-off 3 'Prat...