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

On February 4th, in Bute County, Liangshan Yi Autonomous Prefecture, Sichuan Province, China, a notice was issued titled “Notice on Prohibiting Virtual Currency ‘Mining’ Activities,” which clearly states that virtual currency “mining” activities are considered outdated production processes and equipment that are explicitly eliminated by the state.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, with relevant personnel being legally held accountable under party discipline, government 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 individuals involved. To maintain social stability and regulate market order, Bute County has outlined three measures: First, to prohibit all forms of virtual currency “mining” activities, including but not limited to Bitcoin, Ethereum, and others; second, to require local township governments and industry authorities 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; third, to encourage the public to report illegal “mining” activities.