China’s Hebei Province has declared war on the crypto market by taking tough action against crypto. Authorities for Hebei county have announced that they will begin an investigation and take action against Bitcoin ‘miners’ and crypto exchanges starting October.
The declaration was made through an article emphasizing that crypto assets as a national threat capable of economic and social disruption.
The article states that crypto mining uses a lot of electricity and this is against China’s goals in environmental sustainability. In addition, crypto mining also disrupts the country's financial operations.
It is reported that several government and banking departments have collaborated to implement several measures to curb kirpto mining operations and crypto trading exchanges.
The amended plan covers the verification and inspection of information systems used by crypto businesses in Hebei province. With this, the crypto business is mobilized to improve system security measures and internal management systems. At the same time, illegal crypto mining is also banned.
September 30 is the deadline to do the rest. After that, the operations of crypto mining companies and crypto exchanges will be discontinued. Any construction project or operating permit must obtain the consent of the authorities.
