People's Bank of China and Eight Other Departments: Continue to Rectify Virtual Currency Mining Activities

On February 6, the People’s Bank of China (PBOC) and eight other government departments issued a notice to further prevent and address virtual currency-related risks, with a focus on the ongoing crackdown on virtual currency mining. The National Development and Reform Commission (NDRC), alongside relevant agencies, is strictly regulating virtual currency mining activities and continuing to push for their rectification. Provincial governments bear full responsibility for cleaning up mining operations within their jurisdictions. Per requirements from the NDRC and other departments in the 2021 *Notice on Rectifying Virtual Currency Mining Activities* (Development and Reform Operation [2021] No. 1283) and provisions in the 2024 *Industrial Structure Adjustment Guidance Catalog*, they must: - Conduct a comprehensive review, investigation, and closure of existing virtual currency mining projects; - Strictly prohibit new mining projects; - Ban domestic mining machine manufacturers from providing sales and other related services. Source: Golden Finance