In a move to further regulate the digital currency industry, Chinese officials from the city of Beijing announced that strict measures will be taken to monitor and analyze cryptocurrency mining activities in 2024. The city is committed to cracking down on cryptocurrency-related mining activities in accordance with laws and regulations.
As part of the new regulations, the city will enforce national requirements and continue to eliminate virtual currency “mining” activities. The focus will be on strengthening the monitoring, analysis and classified remediation of these activities. The ultimate goal was determined to decisively clean up the city's virtual currency “mining” activities in accordance with laws and regulations.
The Municipal Development and Reform Commission, the Municipal Network Information Office and the Municipal Economic and Information Technology Bureau will be responsible for the implementation of these measures according to their respective responsibilities.
Cryptocurrencies are currently banned in China, and therefore cryptocurrency mining is also illegal. However, the Chinese people's interest in cryptocurrencies continues and they continue to purchase crypto assets through various methods.
*This is not investment advice.