China to tighten clampdown on virtual currency mining

Source: Xinhua| 2021-09-24 21:15:22|Editor: huaxia

File photo shows a woman buys Bitcoin at Bitcoin Change in Tel Aviv, Israel. (Xinhua/Gil Cohen Magen)

BEIJING, Sept. 24 (Xinhua) -- China will step up its crackdown on virtual currency mining as part of the nation's efforts to save energy and cut carbon emissions, said a notice published on the official website of the National Development and Reform Commission on Friday.

Virtual currency mining is energy-intensive, produces high carbon emissions and contributes little to the economy, according to the notice.

The country will intensify regulation over the whole process of virtual currency mining and strictly prohibit new mining projects, the notice said.

Banning new virtual currency mining projects will be regarded as a criterion for assessing government performance in saving energy, the notice said, adding such activities should be labelled "to be eliminated".

Efforts should be made to differentiate between virtual currency mining and other digital industries such as blockchain, big data and cloud computing, said the notice.

It stressed that publicizing virtual currency mining in the name of developing digital economy must be banned.

Power generation companies are not allowed to provide electricity to virtual currency miners, and any form of fiscal or financial support for launching new virtual currency mining projects will be prohibited, according to the notice.

KEY WORDS: China,Virtual currency,Mining