China, after a heavy crackdown, has not stopped and has now found another way to track down any crypto-related activity in the country. The government has released crypto ban guidelines, but it continues to issue new guidelines.
The latest in the crackdown list is tracking the IP address of the Chinese miners to check their in any trading or mining or not. According to the latest reporting by famous reporter Colin Wu, a Shanghai Telecom company’s paper displays the IP address of the users along with the cryptocurrency these addresses have mined.
The oath to completely remove anything related to crypto in the country has led the judiciary system to plan a release of a set of laws to punish any crypto activities. The country takes the crypto mindset as a criminal offense.
According to the recent set of guidelines by the government, the Central Bank, People’s Bank of China, deemed all crypto activities illegal. It has also instructed the authorities to track and crack small and medium-level crypto mining operations that citizens might be running from their homes.
Despite the government’s order that came in May to ban all the crypto mining activities, which forced big mining farms to relocate to other places, several small mining rigs might still be running. However, the recent actions of tracking the IP address will even make this mining impossible.
Judiciary system of China to formulate laws for the punishment
China’s crackdown did not make the activities illegal under the existing laws. But with the new law formation plans, the government is all set to make this a criminal offense. The judiciary system is working on bringing laws to punish any crypto-related activity, be it mining or trading.
Many big names in the industry believe that these actions by the Chinese government are to expand the launch of the country’s own CBDC (Central Bank Digital Currency) or Digital Yuan, whose development was finished in 2019. But it is under the testing phase across the nation.
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