CHINA-ECONOMY: CHINA CRACKS DOWN ON BITCOIN

The People's Daily (June 19) reported that the State Council’s Financial Committee meeting on May 21 called for cracking down on Bitcoin mining and trading. On May 25, the Inner Mongolia Development and Reform Commission issued the "Eight Measures to Resolutely Combat and Punish Virtual Currency "Mining" (Draft for Comment); On June 9, the Qinghai Provincial Department of Industry and Information Technology also issued the "Notice on the Comprehensive Shutdown of Virtual Currency "Mining" Projects". Following Inner Mongolia and Qinghai, Sichuan has started the clearing of virtual currency mining projects. Recently, the relevant departments of Sichuan Province issued a notice requesting power generation companies to conduct self-examination and self-correction, and immediately stop supplying power to virtual currency "mining" projects. It warned them not to deduct to implement national clean-up requirements. The notice also requires that each city (state) government immediately carry out a dragnet investigation, and must immediately shut down the virtual currency "mining" projects found in the investigation.







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