China Urged to Close Loopholes in Crypto Mining Ban

Author of the article: Bloomberg News Bloomberg News Bloomberg News (Bloomberg) — Chinese authorities must crack down on individuals who are still mining cryptocurrencies and taking advantage of regulatory loopholes, according to the state-run Economic Daily.  Tightened regulations on crypto trading and mining since May have almost eliminated institutional mining within the country, with many…
China Urged to Close Loopholes in Crypto Mining Ban

Author of the article:

Bloomberg News

Bloomberg News

Bloomberg News

(Bloomberg) —

Chinese authorities must crack down on individuals who are still mining cryptocurrencies and taking advantage of regulatory loopholes, according to the state-run Economic Daily. 

Tightened regulations on crypto trading and mining since May have almost eliminated institutional mining within the country, with many miners shutting down or moving overseas, the newspaper affiliated with the State Council said in a commentary Saturday. 

Still, there are individuals who are capitalizing on the gaps between different authorities and regions, the paper said. They include operators of Internet cafes, merchants selling computer parts and employees of state institutions who use public resources to mine cryptos, according to the commentary.

Crypto mining is highly energy-consuming and generates a lot of carbon emissions, and also brings risks during production and trading, the paper said. Authorities must strengthen coordination and better use of technology to rein in rogue miners, it said. 

©2021 Bloomberg L.P.

Bloomberg.com

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