Xinhua News Agency's Economic Information Daily's front-page article criticizes Bitcoin trading and mining

Wu Blockchain learned that on the 24th, the Economic Reference News, a subsidiary of Xinhua News Agency, published a commentary on the front page, saying that Bitcoin mining often uses "big data projects" as a cover to defraud local government support, consumes a lot of electricity resources, and is not in line with the "carbon neutrality" goal direction; many investors try to get rich overnight, and trading leverage is usually magnified to 5 times or even higher. In the case of large price fluctuations, investors face huge trading risks; virtual currencies are highly anonymized and decentralized, and have become a carrier of illegal and criminal activities such as money laundering, drug trafficking, smuggling, and illegal fundraising.

The article states that in the next step, financial management departments should intensify the crackdown on illegal virtual currency mining and trading activities, maintain the normal economic and financial order, and create a better environment for the official launch of my country's digital RMB. Institutions and platforms that illegally participate in virtual currency transactions, speculation, or provide support services should be dealt with in a timely manner in conjunction with judicial departments to increase the cost of violations and increase the deterrent effect of rectification activities. For Bitcoin mining projects, all regions should comprehensively clean up and shut down in a timely manner. It is not yet clear whether the article was written on purpose or spontaneously. The direction of relevant policies should be clearer this week.