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President Joe Biden Orders Chinese Company to Ban Bitcoin Mining!

Biden'S Laser Eyes

President Joe Biden has imposed a ban on a Chinese Bitcoin mining company citing national security risks.

In a statement issued by the US Treasury Department on Monday, May 13th, Biden’s directive was highlighted. The decision orders the cessation of operations of MineOne, a Chinese mining company located near the Warren Air Force Base.

Treasury Secretary Janet Yellen stated,

Today’s ban underscores President Biden‘s steadfast commitment to safeguarding the national security of the United States. It also emphasizes the critical watchdog role of CFIUS in ensuring that foreign investments do not compromise our national security, particularly concerning transactions involving sensitive US military facilities and proprietary equipment and technologies.

“Ties to the Chinese Communist Party!”

The Chinese-based company in question had purchased land a few kilometers from the Air Force Base in 2022 and announced plans to conduct Bitcoin mining operations there.

From the outset, this move has been at the center of debates, often interpreted as a national security threat. Officials, in a statement issued during the recent period, emphasized that the company is under the management of YZY Capital Holdings and controlled by Yuan Qian, a Chinese businessman and member of the Communist Party.

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