The news marks China’s latest attempt to weed out cryptocurrency activities in the country.
China is outlawing all cryptocurrency-related activities, including mining, under threat of criminal punishment. On Friday, the government-run People’s Bank of China introduced the new regulations, which also ban overseas cryptocurrency exchanges from serving Chinese citizens. On the same day, China’s National Development and Reform Commission announced a nationwide crackdown on virtual currency mining in an effort to stop wasteful energy consumption. The same order bars Chinese citizens from constructing new mining rigs and calls for Chinese government agencies to step up enforcement.
