Beijing intensifies its crypto mining crackdown in 2024, mandating strengthened monitoring, analysis, and classification of mining activities alongside resolute city-wide rectification according to existing regulations. This raises concerns for local miners and potentially signals broader regulatory measures nationwide.
China has intensified its efforts to curb the illegal use of cryptocurrencies by corrupt officials and criminals. The country’s central bank declared all crypto transactions illegal, and the police arrested 93 members of a group that allegedly laundered up to $5.6 billion using virtual currencies. The crackdown aims to protect the safety of people’s assets and maintain financial stability in China.