Notice Issued by Butuo County, Sichuan, Prohibiting Virtual Currency "Mining" Activities

Odaily News: Butuo County in Liangshan Yi Autonomous Prefecture, Sichuan Province, recently issued a "Notice on Prohibiting Virtual Currency 'Mining' Activities." It clearly states that virtual currency "mining" activities are outdated production processes and equipment explicitly phased out by the state. Related business activities are identified as illegal financial activities, which may face risks such as loan suspension, power cuts, internet disconnection, and credit penalties. Relevant personnel will also be held accountable for party discipline, administrative discipline, and legal liability in accordance with the law.

The notice emphasizes that civil legal acts involving investment in virtual currencies and their related derivatives are invalid, and any resulting losses must be borne by the individuals themselves. To maintain social stability and regulate market order, Butuo County has explicitly proposed three measures:

First, prohibit all forms of virtual currency "mining" activities, including but not limited to Bitcoin, Ethereum, etc.;

Second, require township governments and competent industry authorities in telecommunications, power, and other sectors to strengthen investigation, supervision, and crack down on illegal "mining" activities based on the principles of territorial and industry management;

Third, encourage the public to report illegal "mining" activities. (Butuo Rong Media)