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China Crypto Roundup (June. 7-June. 13):China Continue Cracking Down on Crypto Mining

1. China’s Qinghai Province issued a document to stop virtual currency mining operations:

-Stop approving and setting new virtual currency mining projects. Suspend all existing mining operations
-Investigate and punish entities that undertake projects in the name of big data but engage in virtual currency mining
-Later check and see if any entity violate the document

2. Changji, a city in Xinjiang province, ordered all virtual currency mining operations to be suspended before June 9

Xinjiang Changji Development and Reform Commission issued “On the immediacy of the virtual currency mining behavior enterprises to suspend production for rectification notice”, the requirements of Xinjiang ZhunDong development zone management committee shall be ordered to immediately engage in virtual currency “mining” enterprise shall on or before June 9 halt production, and report to the National Development and Reform Commission with related situation.

3. Three major crypto exchanges got blocked in China

The PC ends of all Chinese search engines, such as Baidu and Sogou, have blocked keywords of the three major exchanges (Binance, Huobi, Okex), as have Zhihu and Weibo.

4. Zhou Xiaochuan: If cryptocurrencies can provide important services for the real economy, the government may pay more attention to them

Former governor of the People’s Bank of China and president of the China Society of Finance and Banking Zhou Xiaochuan said that China’s attitude is that if cryptocurrencies can serve the real economy, they may pay more attention to them and are willing to invest more resources in related research and development and pilot projects.

5. Yunnan Provincial Energy Bureau confirmed that it will complete the clean-up and rectification of Bitcoin mining enterprises by the end of June

Organize joint inspections by various power-using departments to complete the clean-up and rectification of the electricity consumption of Bitcoin mining operations at the end of June this year, and severely investigate and punish Bitcoin mining companies relying on power generation companies, unauthorized private connection of electricity, and evasion of national transmission and distribution Electricity fees, funds, and additional profit-making illegal activities, once discovered, immediately suspend the power supply; severely investigate and punish the illegal acts of power generation companies who use the generated electricity to supply power to Bitcoin mining operations for improper benefits without permission; seriously investigate and punish Bitcoin mining, as soon as potential safety hazards in electricity use of mining enterprises are discovered, they shall be immediately ordered to shut down for rectification.

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