The Cyberspace Administration of China (CAC) issued a warning on August 9, against ” websites, illegal information and accounts.” that promote and hype cryptocurrency. The authorities in May 2021, put an end to Proof-of-work mining activities. This happened just after the People’s Bank of China ordered a total restriction on digital currency transactions in September 2021. As per the national bank, cryptocurrency is a possible cause of monetary crime and imposes risks to the monetary system. Moreover, China’s web controller said on the web that, “with the proliferation of digital currencies, activities related to speculation, hype and fraud have become…