Butuo County in Sichuan Issues Notice Prohibiting Virtual Currency "Mining" Activities

According to Odaily, Butuo County in Liangshan Yi Autonomous Prefecture, Sichuan Province, recently issued a "Notice on Prohibiting Virtual Currency 'Mining' Activities." The notice clearly states that virtual currency "mining" activities are backward production processes and equipment explicitly phased out by the state. Related business activities are deemed illegal financial activities and will 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 parties 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 such as communications and power 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 Media)