The Central Bank of China completes the “hunt” for miners and P2P-exchangers of cryptocurrencies

The People’s Bank of China said that the government’s task of taking drastic measures to regulate the cryptocurrency industry has been completed, and it is under the supervision of the regulator.

In the first half of 2021, the PRC government, represented by the People’s Bank of China, fully completed the implementation of plans to tighten regulation of cryptoassets and the industry as a whole. Step by step and sequentially, all legal mining companies were ousted from the territory of China. Both Chinese miners and companies with foreign participation were repressed.

The audit activities involved not only government supervisors, but also provincial governments and power distribution company personnel. The task of the latter was to identify “suspicious companies with a high level of electricity consumption” on the ground and inform the regulator about it.

“I don’t think the Chinese authorities care about CO emissions₂ when mining bitcoin. I believe that bans on mining are not about ecology, but about ensuring the country’s financial stability, ”said co-founder of the BTCC exchange Bobby Lee.

The People’s Bank of China is pleased with the results achieved. The published China Financial Stability Report 2021 states that all active P2P cryptocurrency institutions are closed, the bank has completed the fight against transactions with virtual currency and the direction has been “placed under supervision.” At the same time, the NBK will continue to pursue a policy of “zero tolerance”, that is, the appointment of the maximum possible restrictions and sanctions under the law, even for minor offenses in the field of turnover of crypto assets.

According to the Chinese cryptocurrency community, the next step of the government may be the introduction of a ban on the ownership of cryptocurrencies.