China warns state-owned businesses to cease mining cryptocurrencies.

China is pressuring its state-owned businesses to cease mining cryptocurrencies, and the government is considering harsh penalties on firms that continue.

China is pressuring its own state-owned businesses to cease mining cryptocurrencies, and the government is considering harsh penalties on firms that continue, including higher energy expenses. According to¬†reports, Meng Wei, a spokesperson for the National Development and Reform Commission (NDRC), said at a press conference that as China’s top economic planner, the NDRC intends to regulate industrial-scale bitcoin mining and any involvement by state businesses in the activity.¬†

 

The NDRC has increased the pressure on provinces and municipalities to investigate and clean up mining SOEs.

The Chinese government has taken a harsh stance against Bitcoin miners this year, blaming them for everything from energy waste to deadly coal mining accidents as it strives to fulfill its carbon-neutral goals. According to local news reports, the NDRC, which is in charge of mining policymaking, has reportedly recently organized a special session on the subject. It also has increased the pressure on provinces and municipalities to investigate and clean up mining SOEs. The increased crackdown on miners was reportedly prompted by worries over the country’s power supplies for the winter season.

 

Crypto miners are migrating to more crypto-friendly countries.

Earlier, China dismissed a former Jiangxi government official for breaching national standards after he was discovered mining cryptocurrencies, according to the Central Commission for Discipline Inspection’s statement on Monday. According to preliminary findings, Xiao Yi was accused of abusing his power to promote and support businesses engaged in crypto mining activities against government rules, as well as taking bribes. The latest Chinese government crackdown on crypto has forced the burgeoning cryptocurrency industry, including Bitcoin and crypto miners and exchanges, to relocate to co

ADVERTISEMENT
Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Leave a reply

Please enter your comment!
Please enter your name here