In a recent move, President Joe Biden has blocked a Chinese-backed cryptocurrency mining company. The reason for this was that they owned land near a Wyoming nuclear missile base.Â
The order mandates the firm, MineOne Partners Ltd., to divest its property housing a crypto mining facility near the Francis E. Warren Air Force Base.Â
The decision, coordinated with the U.S. Committee on Foreign Investment in the United States, aims to address potential national security concerns.Â
The Treasury Department cited worries about “specialized and foreign-sourced equipment potentially capable of facilitating surveillance and espionage activities.”Â
Secretary Janet Yellen emphasized the need to safeguard national security; particularly concerning transactions near sensitive military installations. Also involves specialized technologies.Â
The order highlights the significance of adhering to regulations surrounding foreign investments, especially near critical U.S. defense sites.Â
