The cyberspace commission from the northern Hebei province of China said that it would cooperate with other governments departments on cracking down on crypto mining and trading; it is one of the most recent moves of the country in the crackdown of the crypto.
The educational department, local financial regulatory bureau, public security department, and communications administration will come together. They will participate in this crackdown to make the process smooth, as a statement from a commission said.
A statement from the commission says crypto mining consumes a large amount of energy. It is against the carbon-neutral goal of China. At the same time, it also carries a hectic financial risk.
In May, the State Council or cabinet of China took the vow to crack down on the mining and trading related to bitcoin. It has also escalated a campaign against the cryptos days after three industry bodies ban crypto-related financial and payment services.
The Commission said that before 30th September, those departments would work on checking the information systems they are using to avoid the use of computing power. Their works will include a focus on especially those computing powers that engage any kind of illegal mining of the cryptocurrencies.
It further added that they must work on the collection of information from the whistleblowers and general public. From October, it will work on regular monitoring of the sector. They will further punish those who are flouting these rules.
This new move of the commission is more focused on strengthening its rules and regulations over crypto mining as the country is dealing with this matter with strict inspection. It is about to wait to watch what further rules and moves are about to come up regarding crypto mining and trading in China.