Bulletins

Top Chinese officials say no to bitcoin mining

It's the first time China's highest government body has weighed in on cryptocurrency mining operations.

Beijing at night.

Beijing at night.

Photo: Zhang Kaiyv/Unsplash

China's highest governmental body called for an explicit crackdown on "bitcoin mining and trading" for the first time in a Friday meeting, causing the price of bitcoin to fall yet again in a week of tumbles.

The State Council's Financial Stability and Development Committee released a statement including "bitcoin mining and trading activities" in a list of financial risks to prevent. The committee, chaired by Vice Premier Liu He, was formed in 2017 to coordinate the country's top financial regulators.

This is the first time China's top level of government has publicly voiced its opinion on cryptocurrency mining activities. Cryptocurrency trading has been banned in the country since 2017. In March, a provincial government moved to block crypto-mining data centers for environmental reasons, and this week asked the public to report illegal mining facilities.

Earlier this week, three industry associations representing China's banks and other finance institutions released a joint statement vowing to stay away from any "virtual currency" activities.

Zeyi Yang

Zeyi Yang is a former reporter with Protocol | China. Previously, he worked as a reporting fellow for the digital magazine Rest of World, covering the intersection of technology and culture in China and neighboring countries. He has also contributed to the South China Morning Post, Nikkei Asia, Columbia Journalism Review, among other publications. In his spare time, Zeyi co-founded a Mandarin podcast that tells LGBTQ stories in China. He has been playing Pokemon for 14 years and has a weird favorite pick.

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Bulletins