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China warns state-owned enterprises to cease involvement in Bitcoin mining 2 weeks 3 days ago #454

  • Neha
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By Arnold Kirmi,

China is considering imposing harsh penalties on state-owned firms that continue mining cryptocurrencies.

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 (BTC) mining and any involvement by state businesses in the activity. The NDRC, which is in charge of policymaking for mining, 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 by state-owned entities.

The Chinese government has taken a harsh stance against Bitcoin miners in 2021, blaming them for everything from energy waste to deadly coal mining accidents as the country strives to fulfill its carbon-neutral goals.

The increased crackdown on miners in September, according to sources, was prompted by worries over the country’s power supplies for the winter season, which is one reason why authorities are said to have gone after those who tried to impersonate data researchers and storage facilities to continue mining the digital asset.

As reported by Cointelegraph, China dismissed a former Jiangxi government official for breaching national standards after he was discovered mining digital currencies, 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 digital currency mining activities against government rules, as well as taking bribes.

The latest Chinese government cryptocurrency crackdown has forced the burgeoning cryptocurrency industry, including Bitcoin and crypto miners and exchanges, to relocate to countries with crypto-friendly regulations. A few of the firms that have left China to find a more accommodating regulator include Huobi, Binance, BTC.com and Bitmain.

Source : preiposwap.com/china-warns-state-owned-e...t-in-bitcoin-mining/

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Last edit: by Neha.

China warns state-owned enterprises to cease involvement in Bitcoin mining 2 weeks 3 days ago #455

i would like to add, As reported by Cointelegraph, China dismissed a former Jiangxi government official for breaching national standards after he was discovered mining digital currencies, 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 digital currency mining activities against government rules, as well as taking bribes.

Please Log in or Create an account to join the conversation.

China warns state-owned enterprises to cease involvement in Bitcoin mining 2 weeks 3 days ago #456

The increased crackdown on miners in September, according to sources, was prompted by worries over the country’s power supplies for the winter season, which is one reason why authorities are said to have gone after those who tried to impersonate data researchers and storage facilities to continue mining the digital asset.

Please Log in or Create an account to join the conversation.

China warns state-owned enterprises to cease involvement in Bitcoin mining 2 weeks 3 days ago #457

Reports says that, 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 (BTC) mining and any involvement by state businesses in the activity. The NDRC, which is in charge of policymaking for mining, 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 by state-owned entities.

Please Log in or Create an account to join the conversation.

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