According to Reuters, China’s efforts to ban cryptocurrency mining and trade have reached the northern province of Hebei, where a regulator said it will be part of a bigger crackdown.
According to the paper, “cryptocurrency mining consumes a vast amount of energy, which is in direct opposition to China’s ‘carbon neutral’ goal,” and it poses significant financial concerns.
The local financial regulatory bureau and public security departments would be among the government offices working on cryptocurrency limits, according to the commission.
To minimize carbon emissions, China has vowed to halt bitcoin mining operations in the country. The world’s largest economy hopes to achieve carbon neutrality by 2060 and peak carbon emissions by 2030.
The provinces of Sichuan, Anhui, and Gansu are among those that have stated that crypto mining businesses will be shut down. China’s Inner Mongolia Autonomous Territory announced earlier this year that it has established a hotline for the general public to report outlying crypto-mining enterprises that were still operating in the region.