The Buxton County, Sichuan, China, Issues Notice on "Prohibition of Virtual Currency Mining Activities"

BlockBeats News, February 4th: Recently, Butuo County, Liangshan Yi Autonomous Prefecture, Sichuan Province, China, issued a "Notice on Prohibiting Virtual Currency Mining Activities," which clearly stated that virtual currency mining is a production process and equipment that the country has explicitly eliminated. The related business activities have been identified as illegal financial activities and will face risks such as loan delinquency, power cuts, internet disconnection, and credit penalties, and relevant personnel will be held accountable for Party discipline, government discipline, and legal responsibilities.

The notice emphasizes that civil legal acts investing in virtual currency and its derivatives are invalid, and any resulting losses must be borne by the individuals themselves. In order to maintain social stability and regulate market order, Butuo County has clearly proposed three measures:

First, it prohibits all forms of virtual currency mining activities, including but not limited to Bitcoin, Ethereum, etc.;

Second, it requires township governments and industry regulators such as communication and power departments to strengthen supervision and crack down on illegal mining activities in accordance with the principles of local and industry management;

Third, it encourages the public to report illegal mining activities.