Chinese law enforcement authorities arrested 1,100 people and dismantled 170 organisations on charges of laundering money using digital assets, according to the Ministry of Public Security of the People’s Republic of China in its official account on WeChat.
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China’s Qinghai Province issued a document to stop virtual currency mining operations:
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1. Stop approving and setting new virtual currency mining projects. Suspend all existing mining operations.#Bitcoin #bitcoinmining #cryptocurrencies pic.twitter.com/3Gg9jJOjWB
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— 8BTCnews (@btcinchina) June 9, 2021
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This is the fifth such raid as part of a nationwide campaign to combat money laundering in China.
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On May 18, journalist Colin Wu reported that three associations under the People’s Bank of China issued a joint notice, prohibiting companies from supporting cryptocurrency-related businesses.
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On May 21, Vice Premier Liu He, during remarks at a meeting of the Financial Stability and Development Committee, announced plans by Chinese authorities to take action against digital-asset mining and Bitcoin trading.
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On May 24 Xinhua News Agency released a piece criticizing digital gold and cryptocurrency mining.
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On May 25, the Inner Mongolia Commission for Reform and Development presented a list of measures to combat illegal mining by various organisations operating in the autonomous region.
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On June 2, authorities in Sichuan Province held a seminar on the use of surplus hydroelectric power in the context of the cryptocurrency mining ban.
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On June 3, Xinhua explained that trading digital gold is not prohibited, but it must protect the interests of ordinary people.
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In the face of tightening regulation:
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- Huobi and OKEx bitcoin exchanges reduced services for Chinese residents;
- The Bybit trading platform announced restrictions for users from the PRC;
- The local social network Weibo blocked accounts of cryptocurrency bloggers;
- ASIC device manufacturer Bitmain slashed the price of Antminer devices by 20%.
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Earlier in June, in Xinjiang, residents of one of the largest mining hubs were ordered to cease operations.
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