Butuo County, Sichuan Province, China prohibits virtual currency mining activities

On February 4th, Butuo County, Liangshan Yi Autonomous Prefecture, Sichuan Province, China, issued a notice on the prohibition of virtual currency "mining" activities, clarifying that virtual currency "mining" activities are outdated production processes and equipment that have been explicitly eliminated by the state. Related businesses are identified as illegal financial activities and will face risks such as loan interruption, power outage, network interruption, and credit penalties. Relevant personnel will be held accountable for party discipline, political discipline, and legal responsibilities in accordance with the law. The notice proposes three measures: prohibiting all forms of virtual currency "mining" activities; Require all township governments and relevant industry regulatory departments to strengthen investigation and supervision; Encourage the public to report illegal mining activities.