Some cryptocurrency mining operators reportedly have halted activities in China and are looking overseas for alternative sites, amidst increasing scrutiny from the Chinese government.
Several cryptocurrency mining operators reportedly have halted their activities in China amidst increasing threats of a government crackdown. A senior official had called for the need to mitigate financial risks and more closely monitor activities on business platforms. Chinese vice premier Liu He said late-Friday the country’s financial infrastructure must remain robust and guard against disruptions. Doing so would require the use of monetary policies to mitigate financial risks, noted Liu, who was speaking at the 51st meeting of the Financial Stability and Development Committee, which he chaired. In stressing the need to identify potential financial threats, he outlined the need to bolster the monitoring of business platforms that facilitated financial activities as well as crack down on Bitcoin mining and trading transactions. The mention, though, was brief and he provided no further details on possible regulations. However, his statement marked the first time a top Chinese government official had referred specifically to crypto mining. It comes just days after three state-backed financial groups in China issued a joint statement warning against the use of cryptocurrencies as payment and reminded industry players that digital currencies should not be used in any financial activities in the country.
