The Chinese government is seen to have no plans to stop from imposing crackdowns on the crypto industry. Despite the new crypto ban guidelines, Beijing authorities are still updating them from time to time and trying to continue to crack down on those involved with crypto.
Recently, the authorities took drastic action including tracking the IP address of a citizen user to see if the user is involved in crypto mining or not.
Based on the latest document revealed by local Chinese journalist Colin Wu, there is a document that lists a number of IP addresses with crypto activities involved.
According to the latest crypto ban guidelines, the Central Bank of China considers all crypto transactions illegal and also ordered the authorities to stop mining operations whether operating on a small scale or on a large scale.
Although crackdowns on crypto mining in May this year forced most of the large crypto mining farms to relocate, many small and medium -sized mining centers can still be run. However, not anymore.
China’s firm stance on crypto is nothing new, but the latest steps taken by the authorities show they plan to eradicate the use of crypto completely.
Many believe that the Chinese authorities ’actions against the growing crypto are due to give way to the CBDC digital yuan.
