China continues aggressive clampdown on cryptocurrency mining and trading

China has shut down a slew of crypto mining centres and denied funding for businesses involved in crypto trading.

Carl Adrian

24 Jun, 2021

China continues aggressive clampdown on cryptocurrency mining and trading | BEAMSTART News

China's officials are becoming more aggressive in clamping down cryptocurrency mining and trading within the country.

Earlier this week, both the Sichuan province government and central bank took drastic actions towards the crypto mining and trading operators.

Key Highlights

  • Earlier last week, the Sichuan province government shut down 26 crypto mining centres amid a review of energy consumption in the country.
  • China's central bank also ordered major banks to terminate funding to businesses involved in crypto trading.
  • Xinjiang and Inner Mongolia governments have also been following suit with similar clampdowns.

Why It Matters

  • Governments across the world are aggressively taking steps to regulate the cryptocurrency market, mainly due to its dangers of destabilizing the financial markets, as well as its unprecedented energy consumption.
  • This move also comes as China's government looks towards pushing the "digital yuan" cryptocurrency to the public.
  • During's 618 shopping festival, over 130,000 people spent over RMB 21 million worth of digital yuan on the shopping platform.

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