China Hits Out at Cryptocurrency Mining Again, Calls It 'Extremely Harmful'

The Chinese authorities and the People's Bank of China, in September, had said in statement that cryptocurrency-related business are illegal in the country. The agencies had also vowed to track down and stop illicit activities related to virtual currencies.

Team Latestly
Bitcoin (Photo Credits: Pixabay)

New Delhi, November 17: The crackdown on cryptocurrencies and crypto mining is intensifying in China. The authorities termed crypto mining as an 'extremely harmful' practise as it risks the country measures and efforts to bring down the level of carbon emissions. Notably, the Chinese authorities and the People's Bank of China, in September, had said in statement that cryptocurrency-related business are illegal in the country. The agencies had also vowed to track down and stop illicit activities related to virtual currencies. Bitcoin Tumbles After China Central Bank Declares Bitcoin and Other Virtual Currencies Illegal.

The National Development and Reform Commission (NDRC) of the country has said that it would hike the prices of electricity for organisation that are found to be using the access to Subsidized power for participating in digital currency mining. NDRC spokesperson Meng Wei on Tuesday lashed out at cryptocurrency mining and said that crypto mining takes up a lot of energy and produces carbon emissions. Wei added that the production and trading of crypto imposes prominent risks. Google Removes 8 Malicious Cryptocurrency Mining Apps From Play Store; Check List Here.

The new latest effort to target mining will be "of great significance" to China's goals to reduce carbon emissions and achieve carbon neutrality, said Wei at Tuesday's press conference in Beijing, as reported by CNN. Notably, China aims to become a carbon neutral country by 2060 and crypto mining requires high levels of energy consumption. Moreover, the country is facing power shortage and several factories and homes are affected due to it.

(The above story first appeared on LatestLY on Nov 17, 2021 08:47 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).

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Bitcoin Carbon Emission China china power shortage Crypto Mining Cryptocurrency Cryptocurrency Mining Meng Wei virtual currencies
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