Clamping down further on China’s crypto industry, more regions on the mainland — this time Xinjiang and Qinghai — are banning cryptocurrency mining.
Fast Facts:
- The local government of Changji prefecture in Xinjiang has reportedly instructed cryptocurrency mining companies in the Zhundong area, a popular crypto mining hub in the region, according to local media. The companies were ordered to shut down crypto mining activities by 2 p.m. on June 9.
- The Qinghai provincial government in northwestern China also issued a notice on Tuesday, instructing local government entities to shut down crypto mining activities in their areas.
- The latest moves of the Qinghai and Xinjiang governments came after Inner Mongolia — once one of the world’s largest Bitcoin mining hubs — unveiled new proposals to give added force to its all-out ban on crypto mining that took effect last month.
- China has taken numerous recent steps to rein in the cryptocurrency sector, which has seen a rise of scams. For example, China’s public security department on Tuesday said that it has arrested over 1,100 suspects who were involved with predatory scams related to cryptocurrencies and carried out suspected money laundering activities.
