China’s largest bitcoin-producing provinces have stepped up crackdown on cryptocurrency mining in the latest sign of how global authorities are hardening their position in rapidly growing digital asset markets.

The country’s bitcoin mining operations, the energy-intensive computer puzzle-solving process that creates new units of virtual currency, have been on the decline since May, when the government upheld the ban on crypto transactions. -currency and warned of the risks of using them for payments. . Bitcoin prices plunged after the announcement and are currently trading around $ 30,000 below the April peak of nearly $ 65,000.

China’s latest intervention puts additional pressure on what was once one of the world’s fastest growing markets for trading and mining digital currencies. This comes at a time when many governments are carefully examining the industry’s effect on the environment and determining the types of financial oversight that should be applied to cryptocurrencies.

Five stories in the news

1. Ackman’s Spac buys 10% of Universal Music for $ 4 billion A blank check firm backed by hedge fund billionaire Bill Ackman will buy a 10% stake in Taylor Swift’s label Universal Music Group for $ 4 billion, she confirmed on Sunday. The deal is the first of its kind for a blank check company and comes as music catalogs rise in value.

2. Raisi wins Iranian presidential election by landslide Ebrahim Raisi, a conservative cleric and head of the judiciary, won the Iranian presidential election, a landslide victory that gives regime extremists full control over all branches of state for the first time in nearly a decade . Western powers pledged this weekend to continue their efforts to revive the Iran nuclear deal.

• FT view: Raisi’s apparent landslide appears to be a Pyrrhic victory, garnering nothing like the popular support needed to guide Iran through one of its worst crises since the 1979 revolution that created the Islamic Republic.

3. General rejects warnings of impending Chinese invasion of Taiwan General Mark Milley, the highest general in the United States, dismissed warnings of an impending Chinese invasion of Taiwan, insisting that the People’s Liberation Army was not yet able to annex the island .

4. Marine Le Pen fails in the French regional vote The National Rally, Marine Le Pen’s far-right party, fell short of expectations in Sunday’s first round of regional elections, leaving Les Républicains and other center-right politicians in a strong position for the second and final round of ballots next weekend.

5. Why Suga insists the Tokyo Olympics must continue Despite intense pressure to cancel or postpone Tokyo 2020, Japan is not yet close to doing so either, according to government and organizing committee officials. Instead, they sought to create a sense of inevitability around the event, which reflects a mixture of electoral politics, one-upmanship on China, and the practical calculation of Yoshihide Suga, the Japanese Prime Minister.

Coronavirus digest

• South Korea is on track to vaccinate three-quarters of its 52 million people against Covid-19 over the next three months after early delays.

• The variant of the Delta coronavirus which swept across the UK has become dominant in Portugal and has emerged in clusters across Germany, France and Spain, prompting EU health officials to warn that more measures are needed to slow its spread.

• One of that of Cuba Coronavirus vaccines have shown 62% efficacy in late stage trials, using only two of the three recommended doses.

• Nurses and supermarket staff are considered “key workers”. But what about security guards? George Bass writes that his work provides fear and grace in equal measure.

• Afraid of the return of crowds after the pandemic? Here’s how to treat them.

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The day to come

India steps up vaccination campaign Indian central government will start offer vaccines against Covid-19 to all adults today, having previously left the responsibility to the States. (India time)

Ethiopia’s first “free” survey Monday’s vote will be Prime Minister and Nobel Peace Prize winner Abiy Ahmed’s first electoral test since coming to power following protests in 2018 promising reform, though some opposition politicians say the process is deep stale.

Activision faces confrontation over CEO pay Activision Blizzard faces a controversial vote on its chief executive’s $ 155 million salary on Monday after delaying the showdown in what critics say was an effort to avoid an embarrassing reprimand.

What else do we read

Behind the scenes of China TV CGTN’s international expansion has been an important part of a Chinese soft power surge that began in earnest with the Beijing Olympics in 2008. For China, the channel is part of a geopolitical battle for hearts and minds. spirits of the world.

Elon Musk: saint or sinner of CO2? The electric car revolutionary has built a reputation as a champion of clean energy. But SpaceX has never adapted to Musk’s green image and now the tech billionaire is leading the energy-hungry crypto market. FT’s writers and experts weigh its climate record in this new film.

How Juneteenth became a consolation prize For many black Americans, the festivities on June 19 of this year were bittersweet. A day off is no substitute for legal reforms to end institutional racism, writes US banking correspondent Imani Moise. And those who grew up celebrating Juneteenth as a holiday in Texas are now seeing it for the first time as a national tradition. (FT, New Yorker)

Vladislav Surkov: “An overdose of freedom is fatal for a state” Surkov is one of the founding fathers of Putinism and one of its main catalysts. He is the architect of Russia’s “sovereign democracy”, a seemingly open system with a closed outcome: elections are called, candidates campaign, votes are cast, the ballot boxes are opened, and the same man wins every time. time.

We must overcome the fear of genetic engineering in our food With climate change being the next big threat, agriculture’s huge carbon footprint must be addressed. Genetic engineering offers the potential to end dependence on fertilizers that use fossil fuels and make crops more resilient, writes Camilla Cavendish.

Work and career

Many people struggle to find the clarity and confidence to extricate themselves from abusive circumstances at work. Instead, they tend to think, “What did I do wrong? Writes Naomi Shragai, business consultant and psychotherapist. FT’s Pilita Clark writes that top boss lists are good, but what about the 50 worst?

Correction: Hong Kong police have arrested senior reporters from the Apple Daily newspaper, not the Daily Apple, as Friday’s bulletin incorrectly stated.