Chinese-backed Cryptocurrency Mining Firm Blocked from Owning Land Near Wyoming Nuclear Missile Base

SOURCE apnews.com
President Joe Biden issued an order blocking a Chinese-backed cryptocurrency mining firm from owning land near a Wyoming nuclear missile base due to national security concerns. The firm is required to divest the property and remove certain equipment.

Key Points

  • President Biden issued an order blocking a Chinese-backed cryptocurrency mining firm from owning land near a Wyoming nuclear missile base
  • The order forces the divestment of property operated as a crypto mining facility near the base
  • The U.S. is set to issue new tariffs on products imported from China
  • The divestment order was made in coordination with the US Committee on Foreign Investment in the United States
  • CFIUS directed the sale of the property within 120 days and removal of structures and equipment within 90 days

Pros

  • Protects national security interests
  • Ensures foreign investments do not undermine US national security

Cons

  • Potential negative impact on business interests