Butuo County Bans All Virtual Currency Mining
Recently, Butuo County in Sichuan Province announced a ban on virtual currency mining, classifying it as an obsolete production process under national regulations.
Penalties for Mining Activities
According to the notice, such activities are deemed illegal financial operations, facing risks of power and internet disconnection, credit penalties, and legal liabilities.
Investment Risks Are Self-Bearing
It was emphasized that any civil legal actions related to investing in virtual currencies or their derivatives are invalid, with losses borne by the investors themselves.
Three Key Measures to Ensure Compliance
- Prohibition of all forms of mining, including Bitcoin, Ethereum, and similar activities.
- Local governments and key sectors like electricity and communications must conduct strict inspections and enforce regulations against illegal mining.
- Encouraging the public to report illegal mining to help maintain market order.