Chinese government agencies, including the country’s securities regulator and the People’s Bank of China (PBOC), said in a statement on Friday that all cryptocurrency-related business activities are illegal and vowed to crack down on illegal activities involving digital currencies.
The agencies said foreign crypto exchanges would be barred from providing services to Chinese residents via the Internet.
The agencies said that China would develop a “new system” to counter the risks posed by cryptocurrencies. In a separate statement, the National Development and Reform Commission said, China will gradually begin shutting down crypto mining operations, and no new mining projects will be allowed.
The announcements are the latest in a series of tough measures China has taken on cryptocurrency.
According to a Nature Communications study, China was on track to generate more than 130 million metric tons of carbon emissions by 2024. This exceeds the total annual carbon emissions output from the Czech Republic and Qatar in 2016.
That kind of production is also disastrous for China’s ambitious climate plans. President Xi Jinping has vowed to make his country carbon neutral by 2060, and the country is already struggling to curb carbon emissions from other industries.
– Granthshala Business’ Laura He contributed to this report
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