China continues aggressive clampdown on cryptocurrency mining and trading

China has shut down a slew of crypto mining centres and denied funding for businesses involved in crypto trading.


Carl Adrian

24 Jun, 2021

China continues aggressive clampdown on cryptocurrency mining and trading | BEAMSTART News

China's officials are becoming more aggressive in clamping down cryptocurrency mining and trading within the country.

Earlier this week, both the Sichuan province government and central bank took drastic actions towards the crypto mining and trading operators.

Key Highlights

  • Earlier last week, the Sichuan province government shut down 26 crypto mining centres amid a review of energy consumption in the country.
  • China's central bank also ordered major banks to terminate funding to businesses involved in crypto trading.
  • Xinjiang and Inner Mongolia governments have also been following suit with similar clampdowns.

Why It Matters

  • Governments across the world are aggressively taking steps to regulate the cryptocurrency market, mainly due to its dangers of destabilizing the financial markets, as well as its unprecedented energy consumption.
  • This move also comes as China's government looks towards pushing the "digital yuan" cryptocurrency to the public.
  • During JD.com's 618 shopping festival, over 130,000 people spent over RMB 21 million worth of digital yuan on the shopping platform.

Already a member?

Sign in to read this article & enjoy the following:

  • Access to members-onnly content, events, and more
  • Connect with a global community of CEOs, Business Owners, and more.
  • Free Business Feature & Profile Listing
  • Post Unlimited Jobs & Hire Talent Effectively
  • Connect with Investors and Fundraise
  • Search through entire members, companies, and investors directory
  • and lots more!

Latest Jobs

Founding Design Engineer

Solve Intelligence

England,

Full Time

USD 70000 — USD 150000 yearly

Backend Developer

CozmoX AI

Karnataka,

Full Time

USD 2500000 — USD 6000000 yearly

Sales Development Representative

Corgi

Texas,

Full Time

USD 90000 — USD 150000 yearly

Fullstack Engineer at Bemlo - Linear for healthcare scheduling (W22)

Bemlo

Stockholm County,

Full Time

USD 90 — USD 160 yearly

Forward Deployed Finance Systems Analyst

Concourse

New York,

Full Time

USD 120 — USD 160 yearly

Sales Development Representative

Camber

New York,

Full Time

USD 60000 — USD 120000 yearly

Founding Applied AI Engineer at Kastle

Kastle

California,

Full Time

USD 140000 — USD 180000 yearly

Senior Software Engineer

GrowthBook

Full Time

USD 175000 — USD 225000 yearly

Marketing Operations Manager

Firecrawl

Contract

USD 70000 — USD 100000 yearly

Growth Marketing Manager

Lago

Île-de-France,

Full Time

USD 50000 — USD 60000 yearly

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

 
© 2016 - 2025 BEAMSTART. All Rights Reserved (Legal).