Chinese government agencies including the country’s securities regulator and the People’s Bank of China (PBOC) said in a statement on Friday that all cryptocurrency-related business activities are illegal and vowed to clamp down on illicit activities involving digital currencies.
The agencies said that overseas crypto exchanges would be blocked from providing services to Chinese residents through the internet.
The agencies said that China would develop “new systems” to counter risks posed by cryptocurrencies. China will gradually start shutting down crypto mining operations, and no new mining projects will be permitted, the National Development and Reform Commission said in a separate statement.
The announcements are the latest in a series of tough measures from China on cryptocurrencies.
China was on track to generate more than 130 million metric tons of carbon emissions by 2024, according to a Nature Communications study. That’s more than the total annual carbon emissions output from the Czech Republic and Qatar in 2016.
That kind of output is also disastrous for China’s ambitious climate plans. President Xi Jinping has vowed to make his country carbon neutral by 2060, and the country is already struggling to contain carbon emissions from other industries.
— CNN Business’ Laura He contributed to this report