(MENAFN) On Friday, Sep. 24 the China’s central bank declared that it will intensify rules on cryptocurrency activities, comprising trading and mining, as Beijing increase its crackdown on digital coins.

Chinese state-run Xinhua news agency reported: "China's central bank and nine other government departments have jointly released a notice to further forestall and handle the risks related to virtual currency trading and speculation."

The agency noted: "China will step up its crackdown on virtual currency mining as part of the nation's efforts to save energy and cut carbon emissions ... The country will intensify regulation over the whole process of virtual currency mining and strictly prohibit new mining projects," further saying: "Virtual currency mining is energy-intensive, produces high carbon emissions and contributes little to the economy."

The People’s Bank of China's other rules on the market comprise banning the trade, token issuance and derivatives for cryptocurrencies.

MENAFN25092021000045011361ID1102861565