Sichuan Buxue County, China, issues notice: "Prohibition of Virtual Currency Mining Activities"

BlockBeats News, February 4 — Liangshan Yi Autonomous Prefecture, Butuo County, Sichuan Province, China, recently issued the “Notice on Prohibiting Virtual Currency ‘Mining’ Activities,” which clearly states that virtual currency “mining” activities belong to outdated production processes and equipment that are explicitly phased out by the state. Related business activities are deemed illegal financial activities and will face risks such as loan cuts, power outages, internet disconnection, and credit sanctions. Relevant personnel will also be held accountable according to party discipline, political discipline, and law.

The notice emphasizes that civil legal acts involving investment in virtual currencies and their derivatives are invalid, and any resulting losses must be borne by the investors themselves. To maintain social stability and regulate market order, Butuo County has outlined three measures:

1. Prohibit all forms of virtual currency “mining” activities, including but not limited to Bitcoin, Ethereum, and others;

2. Require local township governments and industry regulatory departments such as telecommunications and electricity to strengthen inspection and supervision based on territorial and industry management principles, and to crack down severely on illegal “mining” activities;

3. Encourage the public to report illegal “mining” activities.