TechFlow News, February 6: Eight departments, including the People’s Bank of China, jointly issued a notice on further preventing and addressing risks related to virtual currencies. The notice states that efforts to curb virtual currency “mining” activities will continue. The National Development and Reform Commission (NDRC), together with relevant departments, will strictly regulate virtual currency “mining” activities and continuously advance the campaign to rectify such activities.
Provincial-level people’s governments bear overall responsibility for “mining” rectification within their respective administrative regions. In accordance with the requirements outlined in the NDRC and other departments’ “Notice on Rectifying Virtual Currency ‘Mining’ Activities” (NDRC Operation [2021] No. 1283) and the provisions of the “Guiding Catalogue for Industrial Structure Adjustment (2024 Edition),” they must comprehensively identify, investigate, and shut down existing virtual currency “mining” projects; new “mining” projects are strictly prohibited; and manufacturers of mining equipment (“mining rigs”) are forbidden from providing sales or other related services for such equipment within mainland China. (Jinshi)
