China Orders Renewed Crackdown on Mining and Trading


Chinese authorities ordered a fresh crackdown on crypto mining and trading Friday, according to a statement posted on the People’s Bank of China site.

The statement, signed by China’s top financial and cyberspace regulators, gives a comprehensive list of crypto activities that are forbidden, and orders local governments to crack down on them.

China’s State Council issued a statement in May ordering a crackdown on crypto mining and trading. The statement sent dozens of crypto companies abroad.

The regulators banned banks and other financial institutions from offering services related to crypto and called for increased censorship of information related to crypto.

The regulators also want to establish a mechanism for early warning and stopping “hype” in crypto trading and mining activities.