US President Ushered Ban On Chinese-backed Crypto Mining in Wyoming

United States President Joe Biden issued an order to prevent a Chinese-backed company, MineOne Partners Ltd., from owning land near a nuclear base in Wyoming.

Chinese Crypto Mining Company Must Remove Equipment

The order requires divesting a crypto mining facility near Francis E. Warren Air Force Base. This involves the removal of all equipment the Chinese company, MineOne Partner Ltd, installed. The order was in response to China’s threat to US security.

However, the order was made in coordination with the United States Committee on Foreign Investment in the United States (CFIUS), a government agency that investigates corporate deals for national security concerns.

Furthermore, it can force companies to change their actions if they find any security threats. A law passed in 2018 granted CFIUS the authority to review real estate transactions near sensitive sites across the US, including F.E. Warren Air Force Base. The order was vague about the specific national security concerns.

However, the Treasury Department stated that issues with “specialized and foreign-sourced equipment capable of facilitating surveillance and espionage activities” “presented a significant national security risk.”

New Tariffs On China Products

According to recent reports, the United States is reportedly preparing to impose additional tariffs on various products imported from China. The tariffs will impact critical industries, such as electric vehicles, semiconductors, solar equipment, and medical supplies.

The move could have significant implications for American and Chinese businesses, already dealing with the consequences of existing trade restrictions and tariffs.

Additionally, it relates to transactions that present a risk to sensitive US military installations and those involving specialized equipment and technologies. These tariffs are a part of the ongoing trade tensions between the US and China.

Nonetheless, the Committee on Foreign Investment in the United States (CFIUS) discovered the purchase was not filed with the committee according to the required protocol. The committee received a public tip about the purchase only after the occurrence.