China has yet again reiterated its determination to crack down on the cryptocurrency mining sector and revealed today that authorities will focus on state-owned entities engaging in virtual currency mining.

Fast facts

  • Wei Meng, a spokesperson of the National Development and Reform Commission (NDRC), the country’s top economic planner, said at a press briefing today that virtual currency-related activities are illegal, and mining can do huge harm to the nation’s carbon-neutrality goals.
  • As part of the next step of the clampdown, the authorities will focus on raiding industrial clustered mining activities and those carried out by state-owned entities, Meng said. If an entity is found to have participated in mining crypto, it could be subject to punitive electricity charges for future operations, according to Meng.
  • The NDRC last week also held a special meeting to instruct local authorities to build up systems and strengthen monitoring to identify and “clear out” crypto mining projects.