Hebei is China’s newest province to crack down on cryptocurrencies with a hammer
Hebei, a province in northern China, is the country’s newest jurisdiction to read riot acts against cryptocurrency miners and traders.
According to Reuters, the province’s cyber commission announced a plan on Tuesday to restrict mining and trading activities of cryptocurrencies in the region.
The move parallels a broader anti-crypto policy in China that has forced most of the country’s crypto mining facilities to relocate overseas.
In a committee statement quoted by Reuters, the provincial authorities said: “Mining cryptocurrencies uses a tremendous amount of energy, which runs counter to China’s goal of being ‘carbon neutral’.”
As part of the ban on cryptocurrency mining, the Hebei Cyber Commission ordered all government officials in the province, including education, public safety and regulatory agencies, media and finance, to participate in repression efforts.
These departments reportedly have until September 30th to verify that their respective information systems do not support illegal cryptocurrency trading and mining activities.
China’s crypto mining ban has resulted in a significant east-west hash power migration that could result in North American miners taking a larger stake in the global hash rate distribution.