China vows to crack down on Bitcoin mining after digital Yuan flops

Huawei

The Republic of China has vowed to intensify its efforts to crack down on Bitcoin mining.

The resolution was made on Friday as the Chinese Financial Stability and Development Committee (hereinafter referred to as the Financial Committee) held its 51st meeting on Friday.

The meeting was held to study and deploy key tasks in the financial sector in the next phase.

The meeting was presided over by Liu He, member of the Political Bureau of the CPC Central Committee, Vice Premier of the State Council, and Director of the Financial Committee.

The meeting pointed out that the financial system will resolutely implement the many decisions and deployments of the Party Central Committee and the State Council.

Notable amongst these many resolutions are “to increase support for the real economy, to make prudent monetary polices that are flexible and appropriate, credit policies accurately meet the needs of market entities, liquidity remains reasonable and sufficient, financial services are improved, and financial services supporting epidemic prevention and control and economic and social development have achieved obvious results.”

The meeting requested that the financial system must adhere to a sense of the overall situation, adhere to a stable character, scientifically and accurately implement macro-control, grasp the degree, and refrain from making sharp turns.

The meeting, most especially, vowed to “resolutely prevent and control financial risks.”

The meeting also vowed to “adhere to the bottom line thinking, strengthen the comprehensive scanning and early warning of financial risks, crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field.”

“It is necessary to maintain the smooth operation of the stock, debt, and foreign exchange markets, severely crack down on illegal securities activities, and severely punish illegal financial activities.”

“It is necessary to strictly guard against external risk shocks, effectively respond to imported inflation, strengthen anticipation management, strengthen market supervision, and prepare response plans and policy reserves.”

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