Chinese Authorities Jointly Issue Notice Strictly Banning Virtual Currency Businesses and Mining

On February 6, eight Chinese authorities, including the People's Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC), jointly issued the 'Notice on Further Preventing and Resolving the Risks Related to Virtual Currencies.' This notice explicitly declares that business activities related to virtual currencies, including mining projects, constitute illegal financial activities and are strictly prohibited and resolutely banned in accordance with the law.

The joint notice was released by eight regulatory bodies, with the PBOC and CSRC highlighted among them, underscoring a coordinated governmental effort to address risks associated with virtual currencies. This action reaffirms China's longstanding position against virtual currency-related operations.

The document, referred to as the 'Notice,' emphasizes the prevention and resolution of risks stemming from virtual currency activities. It categorically states that such businesses are deemed illegal financial activities, leaving no ambiguity in the regulatory stance.

No specific timeline for implementation or additional deadlines were detailed in the notice, but the proclamation calls for resolute enforcement according to legal provisions. The involved parties include key financial and securities regulators, signaling comprehensive oversight across multiple sectors.

This regulatory measure targets virtual currency businesses and mining projects specifically, aiming to curb associated financial risks through strict prohibition.