China’s Hebei Province has joined the trail of the locally spreading crypto crackdown in the authoritarian state. Hebei Province’s authorities have announced that they will begin investigation and crackdown of cryptocurrency mining and trading from October. The declaration was made through an article that identified virtual currencies as a national threat in lieu of their ecologically unsustainable, and economically as well as socially disruptive nature.
On September 14th, China’s Hebei Province stated that it would start checking and cracking down on cryptocurrency mining from October. https://t.co/zij82HQiKR
— Wu Blockchain (@WuBlockchain) September 14, 2021
The article stated that cryptocurrency mining consumes massive electricity that contradicts the Chinese goal of “carbon neutralizing carbon peaks”. Along with being unsustainable, cryptocurrency mining also distorts the operations of financial order in the country, causing economic and social uncertainty.
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